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Editor, analyst, critic, Isabelle Naessens is a thoughtful, committed and versatile woman who worked in international relations before turning to communications. A creative relational strategist, she joins the Henkel Media team as senior editor and content creator.
ISABELLE NEASSENS
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Financial concerns
The slowdown in the economy seems increasingly evident. Inflationary pressure is pushing hard, at the pumps as well as in stores. Rising interest rates are stressing out property owners… and credit card owners!
And even though wages are rising, what appears to be an increase in purchasing power is not, since the increase in prices is even greater. In fact, the country reached record levels of household debt in the second quarter of 2022, according to Statistics Canada. The amount we owe relative to our income has increased: for every $100 earned, we owe $181.20. In other words, the level of debt has increased faster than income.
Thus, according to the survey conducted by the Léger firm, 6 out of 10 Canadians believe that their financial situation is worse this year than in 2021.
Yet…purchase intentions are positive
Despite a rather weak economic confidence index for the past few months, consumer intentions are stable and households want to give gifts, which translates into increased sales for the holiday season. This is important news for the sector and encouraging for our retailers, said Karina Serei, interim general manager at the Conseil québécois du commerce de détail.
According to the recent CQCD Barometer, only 5% of Quebec consumers expect to spend less than last year, while the 2022 Deloitte Canada Holiday Shopping Survey revealed that Christmas spending would drop by 17%. Is our province spending more?
Accenture estimated in its 2022 Holiday Shopping Report that 77% of Quebecers plan to spend the same or more on holiday shopping. The measure varies from one paper to another, but we can see a slowdown in consumption.
And what about degrowth?
Deconsumption is the behavior of an individual aiming to voluntarily reduce their consumption. The Institute for Research on SMEs at the University of Quebec in Trois-Rivières explains that "historically, the concept of deconsumption appears during periods characterized by a decline in purchasing power, but also by waves of alternative consumption, or even resistance from consumers who refuse to buy certain products."
It must be said that this also plays a role: responsible and sustainable consumption, with the whole range of ecological, recycled, reused options, etc. It means consuming less, but it also means consuming better .
Consumer expectations have changed, and companies are adapting to offer products and services that take into account their impact on the environment and society. We can see a change in behavior, due to changes that affect the planet, but also wallets. While overconsumption is weakening, the trend towards responsible consumption seems to be increasing.
End of year celebrations | Consume or de-consume?
2022-11-30
ISABELLE NEASSENS
4 minutes
It's been two years since the big dinners took place, since the whole family was reunited, huddled tightly under the Christmas tree. And since we can finally go shopping and fiddle with everything we want to buy, we risk letting loose ! Watch out for the crowds! Restaurants, bars and businesses are rubbing their hands: it's time for celebrations and reunions! Black Friday, Cyber Monday, pre-Christmas sales, the government cheque that's coming, Boxing Day: there's no shortage of opportunities to encourage consumption. And yet... the economy is running a little less smoothly. How will Quebecers consume as the holidays approach?