Consumer Spending Forecast 2021 Deloitte Insights Overall, consumer spending after accounting for record levels of population growth (or on a per capita basis) continues to weaken in q2, alongside declines in per capita gdp. interest rates are still high even after the bank of canada kicked off an easing cycle earlier this month and average debt servicing costs as a share of household income are set to stay elevated for some time. Deloitte forecasts consumer spending to grow by 8.1% in 2021 after a 3.8% contraction last year. over 2022–2026, services spending is likely to drive overall consumer spending growth even as spending on durable goods edges back to trend levels. fear of covid 19 and the economic impact of the pandemic were enough to keep a strong lid on.
Consumer Spending Forecast 2021 Deloitte Insights 2021. canadian households spent an average of $67,126 on goods and services in 2021, down 2.7% from 2019. this was the first decline in household spending since 2010. accounting for consumer inflation ( 4.1%) from 2019 to 2021, the real decrease in average household spending was 6.5%. on average, canadian households spent less in various. This survey took place in november 2021 before the omicron variant of covid 19 began spreading broadly in canada. in december, the number of covid 19 cases rose dramatically and governments began to reimpose containment measures. many canadians think inflation will be high over the next two years because of supply disruptions caused by the pandemic. they are more concerned about inflation now. Spending is assumed to rise over 2021 and then be concentrated in late 2021 and early 2022, after broad immunity is achieved. in this scenario, the recovery in household consumption is brought forward. nominal household spending growth in 2021 would rise from 4.3 percent—which we projected in january—to 5.0 percent. In the early months of 2022, amid record inflation, us consumers continued to open their wallets. us inflation grew to nearly 8.5 percent in march 2022, with the may 2021 to march 2022 period showing the highest inflation in a decade. yet, us consumers spent 18 percent more in march 2022 than they did two years earlier, and 12 percent more than.
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