Could be better, could be worse

Good, not great.

That’s how most HRM residents feel the future is looking in the next 12 months, economy-wise.

According to my polling, 57 per cent feel the economy will remain much the same over the next year, and 21 per cent believe it will actually get better in their household. 

There appears to be a fairly positive level of general confidence in the state of the economy.  Perhaps more importantly, our confidence that we are doing OK on a personal level is even stronger. 

The results of our survey are quite different among age groups.

Younger residents, those under 30, have a more pessimistic view of the economic future over the next 12 months. 

Compared to the general population, only 55 per cent have a positive feeling about the economy over the next year.  And members of this cohort are even more pessimistic about their own circumstances. 

Only nine per cent feel things will be better for them over the next 12 months.  Given the statistics on unemployment and underemployment among this group, the skepticism may be well placed.

Meanwhile, consumer confidence in HRM appears to be stalling.  A series of questions about people’s purchase intentions indicate a cautious optimism. 

When asked whether people are confident about making major purchases at this time, such as houses, cars and appliances, 17 per cent responded positively.  This is down slightly from late 2010 and early 2011.

There are lingering concerns evident in our research regarding the price of essential items in people’s household budgets. 

They are closely watching the price of gasoline, the cost of housing, the monthly energy bill and rising food prices. 

As a result, almost 40 per cent of respondents are paying close attention to their discretionary spending for things like recreation, entertainment and luxury items.

You might summarize our findings by saying people are acting with relatively high levels of confidence in the general economy, but watching their own spending more closely every day.

– Rick Emberley is senior counsel at Marketquest-Omnifacts, an Atlantic Canada research firm. He has conducted public opinion research in the region for over 25 years.