The majority of Quebecers say they are worried about a possible economic recession and believe that consumer prices will continue to rise over the next year.
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At least that’s what the latest Barometer of the Quebec Retail Trade Council (CQCD) published on Wednesday reveals.
According to the survey carried out among 1,000 consumers, 69% of respondents believe that the continuation of price increases is inevitable.
More than half (55%) of respondents believe that Quebec will be in recession by the end of the year, while two out of five Quebecers believe that the province’s economic situation will deteriorate in the 12 coming months.
Some 22% of respondents with a household income of less than $79,000 say their household situation will deteriorate over the next three months.
A similar concern is felt by more than 27% of people aged 45, 30% of retirees and 34 in single-parent households, according to the CQCD.
In recent months, approximately 39% of 18-24 year olds and 29% of 25-34 year olds have favored buying local, compared to 19% of consumers aged 35-64.
“With the arrival of a possible recession, a very large number of Quebecers must become aware of the importance of encouraging the local economy by supporting our merchants here,” said Jean-Pierre in a press release. Guy Côté, director of the CQCD.
“Buying local allows local employers to offer competitive wages and conditions that promote the well-being of workers to get through this crisis and consume in Quebec,” explained Mr. Côté.