OTTAWA - Consumer confidence has fallen to the lowest level in 26 years, according to the Conference Board of Canada.
The think-tank says its survey of 2,000 Canadians early this month showed a sharp drop in sentiment after three months of rising optimism.
The Conference Board's national consumer confidence index fell 11.9 points to 73.9 -- the lowest level since the third quarter of 1982, when Canada was mired in recession.
The Oct. 2-8 poll was conducted as financial turmoil intensified around the world.
"The global credit crunch and major stock market declines clearly had an effect on consumer confidence in October," observed Pedro Antunes, the Conference Board's director of national and provincial forecasts.
"In addition, consumers felt that they would be worse off in six months, indicating concerns that the financial crisis would not be resolved quickly."
Confidence fell drastically in Ontario -- plummeting 16.6 points from 84.5 in September to 67.9 in October, in the steepest monthly decrease on record for the province.
The index, set at 100 in 2002, fell 12.5 points in British Columbia, 10.2 points in Quebec, 6.1 points on the Prairies and 4.9 points in Atlantic Canada.
