A survey by Narrative Research shows consumer confidence in Atlantic Canada is at its lowest level in more than two decades.
The company created Atlantic Canada’s Consumer Confidence Index (CCI) more than 25 years ago, and initially set it at 100.
Results from the most recent Atlantic quarterly survey, taken in May, show a sharp decline to 77.7, down 12.8 points since the previous quarter,0 and a decline of 17.4 points since this time last year.
The index is designed to be sensitive to national, regional and international events, Narrative Research says.
Prior to this quarter, the lowest level of consumer confidence recorded was in February of 2009, during a recession, at 82.5.
“These are unprecedented times in our region, with the pandemic affecting all corners of Atlantic Canada,” Narrative Research CEO Margaret Brigley said in a release. “Our challenge now is opening up our economy, so that we can demonstrate the resiliency of our region and our people over the next few quarters.”
Scores for each of the Atlantic Provinces are low, with both New Brunswick’s (80.8) and Prince Edward Island’s (77.7) the lowest ever recorded.
Nova Scotia’s CCI is at 78.7, the lowest since 2009, while Newfoundland and Labrador has the lowest level of consumer confidence in the region at 71.4.
Across the region, those in urban centres report slightly higher levels of consumer confidence than do rural residents. Atlantic Canadians aged 18-34 are much more likely to express higher levels of confidence than those in older age categories.
