High-net worth Canadians spending same or more on vacations, entertainment, clothing
High-net worth Canadians — those with investible assets of $1 million or more — believe they are more financially secure today than they were before the 2008 recession, according to a study released by BMO Harris Private Banking.
The majority of affluent Canadians (54 per cent) feel they are better off now than they were before September 2008, with only 11 per cent saying they are worse off and 36 per cent reporting their financial situation is unchanged, the study found. This compares with 61 per cent of high-net worth Americans reporting they are better off and only seven per cent stating they are worse off.
Regional Breakdown:
|
Region |
Affluent Canadians who feel they are better off today than before Sept 2008 |
Affluent Canadians who feel good about their current savings and investment plan |
Affluent Canadians who expect the Canadian economy to improve |
Affluent Canadians who expect the U.S. economy to improve |
|
National |
54 per cent |
86 per cent |
47 per cent |
61 per cent |
|
Atlantic |
60 per cent |
87 per cent |
57 per cent |
77 per cent |
|
Quebec |
56 per cent |
86 per cent |
48 per cent |
74 per cent |
|
Ontario |
46 per cent |
86 per cent |
45 per cent |
55 per cent |
|
Alberta |
53 per cent |
87 per cent |
42 per cent |
50 per cent |
|
B.C. |
64 per cent |
87 per cent |
45 per cent |
57 per cent |
Spending
Affluent Canadians are returning to pre-recession spending levels, the study shows. They are currently spending more than, or the same as, they did prior to September 2008 in a variety of areas, including:
· entertainment and leisure activities (89 per cent)
· travel and vacations (86 per cent)
· club memberships (78 per cent)
· clothing and accessories (75 per cent)
· collections and hobbies (72 per cent).
