It’s a bit dated for sussing out consumer sentiment given that so much has happened since the survey was conducted in November, but the Bank of Canada’s Survey of Consumer Expectations* is still chock-full of useful insight.

Released on Monday, the results indicate that consumers remain in a negative headspace about the economy with the survey’s summary index showing that Canadians are feeling pessimistic about their spending plans, personal finances, and the labour market. After some improvement in 2024, the weakening of the index in 2025 coincides with the advent of U.S. tariffs.

Despite the long period of consumer pessimism, retail sales in Canada have not collapsed. Cracks, however, are showing. After a surge at the end of 2024, month-over-month retail spending growth in Canada effectively stalled over the first ten months of 2025 (we get data for November on Friday). Alberta has seen a similar holding pattern on retail sales.  

The survey results reflect the concerns Canadians have about the cost of living with the financial health index falling to its lowest level since the first quarter of 2023. Despite headline inflation near 2% and the Bank of Canada’s trendsetting policy interest rate lower than the year before, the number of respondents worried about missing a debt payment and reporting a deteriorating financial situation rose in the fourth quarter.

Overall, the survey points to a Canadian consumer who is, while somewhat resilient in terms of actual spending, deeply anxious about the economy.

*The Canadian Survey of Consumer Expectations was conducted through an online panel from October 30 to November 18, 2025. Follow‑up phone interviews took place from November 21 to 27, 2025.

Answer to the previous trivia question: The American TV show “This Old House” premiered   in 1979.

Today’s trivia question: When was the Toronto Stock Exchange created?