Canadian Retail Gets a Boost
The Canadian retail sector continues to flourish in the last quarter of 2014, bringing out positivity amongst Canadians.
The Bloomberg Nanos Canadian Confidence Index, a Canadian consumer sentiment tracking system has been climbing since June 2014. Areas such as job optimism have almost reached 70 percent in satisfaction.
In July 2014, confidence surged even further, reaching a four-year high. Both sub-indexes of the Nanos Canadian Confidence Index – The Expectations Index and The Pocketbook Index have remained optimistically above two-thirds of the population since May.
It isn’t hard to see the reasons behind the spike in confidence amongst Canadians. For example, Statistics Canada reports Canada’s trade surplus came in at more than double the expected forecast at $2.6 billion.
Furthermore, Canadians are receiving even more support in the retail sector. Canada’s Finance Minister Joe Oliver is currently trying to reduce Visa and MasterCard fees to retailers by as much as 10 percent. While this move won’t necessarily lead to lower prices, it could significantly add to the revenue and profitability of retailers.