A majority of residents say they will spend less on entertainment, dining out and clothing over the next six months.
Calgary, AB – Albertans are decidedly concerned about the state of the provincial economy and most are planning to cut back on expenditures, our latest Economic Insights Tracker has found.
In the online survey of a representative sample of Albertans, 88% of residents describe the economic conditions in the province as “very poor” or “poor”, while only 10% deem them “very good” or “good.”
Two-in-five Albertans (40%) think Alberta’s economy will decline in the next six months, while just 16% expect it to improve.
More than half of residents (56%) say the economic conditions in their household are “very good” or “good”, but one-in-five (20%) expect their situation to decline in the next six months.
Most Albertans say they plan to spend less on entertainment (55%), dining out (53%) and new clothes (51%) in the next six months, while 48% say they will take fewer holidays outside their municipality. Large proportions of Albertans also foresee more expensive gasoline (61%) and groceries (81%).
Very low proportions of Albertans say they are likely to purchase an overseas holiday (13%), a major home renovation (10%), a new vehicle (8%) or a new home (7%) in the next six months.
“At the height of the economic crisis of 2008, Albertans knew that their province was doing better than those in Eastern Canada,” says Mario Canseco, Vice President, Public Affairs, at Insights West. “Now, the level of economic confidence is close to single digits in Alberta, and residents are planning to spend less.”
Half of Albertans (50%) say they have worried “frequently” or “occasionally” about the value of their investments, while two-in-five are concerned about unemployment affecting their household (43%), the safety of their savings (42%), having to carry a balance on a credit card (also 42%) and being able to pay their bills (39%). About three-in-ten have worried about being able to pay their mortgage or rent (31%) and their employer running into serious financial trouble (28%).
One-in-four Albertans (23%) expect to change careers in the next six months, while fewer believe they will get a raise at their current employer (15%), move to another house (14%) or get a promotion (6%).
About Insights West:
Insights West is a progressive, Western-based, full-service marketing research company. It exists to serve the market with insights-driven research solutions and interpretive analysis through leading-edge tools, normative databases, and senior-level expertise across a broad range of public and private sector organizations. Insights West is based in Vancouver and Calgary.
About this Release:
Results are based on an online study conducted from March 9 to March 12, 2016, among a representative sample of 602 Albertan adults. The data has been statistically weighted according to Canadian census figures for age, gender and region. The margin of error—which measures sample variability—is +/- 4.0 percentage points. Click here to view the detailed data tabulations.
For further information, please contact:
Vice President, Public Affairs, Insights West