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Current Trends in Canadian Purchasing Power:
Current Trends in Canadian Purchasing Power:
In the years 2019 and 2022, Canadian households saw their purchasing power rise considerably. Specifically, couples who had two children saw a 4.3% rise in purchasing power, placing Canada second among G7 countries in this regard. This rise indicates a greater capacity for discretionary spending on the part of Canadian households.
However, ever since 2022, inflation and rising interest rates have begun to erode these gains, and those especially hard-hit have been lower-income households. Even so, wealthier households have boosted or even grown in their purchasing power, largely due to investment income.
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