Canadians are growing increasingly concerned about inflation, citing rising prices of groceries and gasoline as top stressors, and as a result, they are shifting purchasing behaviours to better manage their finances, according to two recent reports.
In a survey of Canadians’ current and future financial outlook, digital life insurance provider PolicyME found that close to 60 per cent of Canadians say buying groceries are putting a financial strain on them, followed by close to 50 per cent who cited rising gasoline prices as a concern. And 77 per cent expect grocery expenses and 66 per cent expect gas and transportation expenses to increase in 2022.
As a result of these inflationary concerns, Canadians are shifting their purchasing behaviours, according to a report by Numerator, “Inflation Insights.” Close to 70 per cent of Canadians surveyed in this report say they’ve changed their shopping behaviour for groceries or household essentials due to price increases. And like the first survey, they’re growing more concerned about further prices increases, and to combat this, they’re seeking out additional discounts and promotions on groceries and household essentials. And if prices continue to rise, close to 61 per cent of Canadians say they will switch to lower-priced brands for groceries or household essentials or cut back on discretionary spending.