Inflation Impacting Canadians Forcing Hard Choices

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Inflation

TORONTO – LIVING – The pressure on Canadians caused by rising prices is hitting budgets hard.

IPSOS report, “With COVID cases on the rise and inflation at a 39-year high, millions of Canadians are facing new financial pressures, which are impacting people in new and unprecedented ways.

“Understanding how these changes impact your business is mission critical. In uncertain times, how do they spend and save? When bills pile up, what gets cut from their budgets? And how does this vary by generation, income and other factors?”

Our recent research shows:

  • 25% of Gen X are limiting their entertainment activities to mitigate the impact of inflation—in comparison to just 15% of Boomers.
  • 16% of Gen Z have canceled subscriptions or services to save money (and only a quarter have made a budget; just 9% have met with a financial advisor).
  • A net 24% of medium-income Canadians expect to spend less on clothing, footwear, and accessories in the month ahead—and 3% expect to spend less on groceries.