Canadians are responding to increasing food and gas prices and high levels of consumer debt by tightening their budgets, says an RBC Canadian Consumer Outlook Index.
Vacations have gone conspicuously absent, with 30% of Canadians saying they were holding off taking one until 2012. Other belt-tightening methods we’re using are comparison shopping for food prices, using our cars less and reducing impulsive purchases.
Canadians aren’t pessimistic though. Thirty-nine per cent expect their personal financial situation to improve over the next year and 42% expect the economy as a whole to grow.