Three quarters of Canadians feel the standard of living in Canada is declining and may never be the same again, according to a new Economic Club of Canada/POLLARA Strategic Insights poll.

As a result, the majority of Canadians across all age and income levels are adjusting how they live and how they spend, with almost half feeling the cost of living is their most urgent concern.

The poll captures a feeling of caution, with nervous and anxious consumers feeling this recession will be long and deep, that things may never be the same again, and are increasingly searching for real value in any purchase.

“There seems to be a unique perception from Canadians that there is more than just a recession underway,” says Mark Adler, president of The Economic Club of Canada. “The possibility exists of a more longer lasting, fundamental attitudinal shift of consumer values and habits than ever before experienced. We may indeed look back upon this period as a turning point in our perceptions and our behaviours.”

Nearly two third of respondents, or 63%, describe their personal circumstances as “just getting by” with 48% of respondents citing the perceived cost of living as their single biggest concern, far more than the value of their investments (33%) or job security (16%).

“What is different in this recession is that all the trends seem to cross all income levels,” says Michael Marzolini, chairman of POLLARA, a strategic research and polling organization.

“Fundamental shifts in consumer behaviour, habits and motivations are emerging not only in lower and middle income families, but even to some degree amongst higher income groups. This is unique in that the fear and perception of an increased cost of living and a sense of falling behind is spanning all age and income levels,” Marzolini says.

The online poll of 3,376 Canadians aged 18 or more was conducted March 3-5, weighted by age, gender and region to ensure results are representative of the opinions of the Canadian general public. The margin of error in such a survey being +/- 1.69%, 19 times out of 20.

IE