business development bank of canada - report on consumer trends for the fraser valley ca association
DESCRIPTION
Presentation by Shannon Baird, Senior Account Manager, BDC at the FVCAA Conference Day on November 7, 2013TRANSCRIPT
Economic Overview and Changing consumer TrendsShannon Baird, Senior Account ManagerBusiness Development Bank of Canada (BDC)
2 Ideas for staying ahead of the game
Source: Conference Board of Canada. Provincial Outlook: British Columbia (Summer 2013)* Forecast.
British Columbia’s economic outlook
GDP Growth 2014*
2.4%Canada
3.0%British Columbia
GDP Growth 2013*
1.7%Canada
1.5%British Columbia
Forestry Manufacturing
MiningConstruction
4 Ideas for staying ahead of the game
+116,000
+1,270,000
by 2035
4,670
4,727
4,786by 2015
Source: Conference Board of Canada. Provincial Outlook: British Columbia (Long-term Economic Forecasts)
British Columbia’s demographic outlook
5 Ideas for staying ahead of the game
• Growth rebounded after the recession, and has since continued to expand, but at a more moderate pace
• Economic growth should accelerate somewhat in 2013 and 2014
Fraser Valley economic climate, industry swings and trends.
6 Ideas for staying ahead of the game
Source: Conference Board of Canada. Provincial Outlook: British Columbia (Summer 2013)* Forecast.
Abbotsford/Mission economic outlook
GDP Growth 2014*
3.0%British Columbia2.7%
Abbotsford/Mission
GDP Growth 2013*
1.5%British Columbia2.7%
Abbotsford/Mission
7 Ideas for staying ahead of the game
Chilliwack’s Impressive GDP Growth
8 Ideas for staying ahead of the game
Source: Conference Board of Canada. Provincial Outlook: British Columbia (Summer 2013)* Forecast.
Fraser Valley Unemployment Rates
2012
6.5%Chilliwack
7.9%Abbotsford/Mission
2011
5.4%Chilliwack
8.9%Abbotsford/Mission
9 Ideas for staying ahead of the game
Canadian Unemployment Rate Comparison
10 Ideas for staying ahead of the game
Abbotsford-Mission housing market
11 Ideas for staying ahead of the game
Fraser Valley*: Residential Sales and Average Prices
12 Ideas for staying ahead of the game
Abbotsford-Mission non residential activity
13 Ideas for staying ahead of the game
Abbotsford-Mission GDP Outlook, by sector
14 Ideas for staying ahead of the game
The recession was harder for consumers than for businesses
ManufacturingConstruction
Services
Mapping your future growthGame-Changing Consumer Trends
17 Ideas for staying ahead of the game
Consumer Behaviour in Canada
■ The Internet and the Empowered Consumer
■ The New Health Mania
■ The “Made in Canada” advantage
■ Customization is King
■ The Lingering effects of the Recession
The Internet and the Empowered Consumer
Online:
of Canadians are connected to the Internet, owning 2.6 Internet-capable devices on average
84%
20 Ideas for staying ahead of the game
Changing Path of Consumer Purchasing
84% connectivity
A simple of lack of web presence is no longer enough
A structured, proactive & tailored multi platform strategy is required.
Source : The Conference Board of Canada, Metropolitan Outlook 2 Winter 2013, Economic Insight into 15 Canadian Metropolitan Economies.
21 Ideas for staying ahead of the game
41%of consumers buy
products or services online.
50%of consumers perform an online research prior to a
purchase.
The Internet revolution
Consumer reviews posted online rank #2 behind personal recommendations as trusted sources.
75%of consumers say that
online ratings and reviews influence their buying
decisions.
22 Ideas for staying ahead of the game
B2B – Business to Business and the internet
89% of companies will google new and potential suppliers
80% will have an in depth look at the website
57% will make their decision based on the quality of the webpage
What if there is no webpage?
The Healthy Consumer
of Canadians consider the health impact of a product as an important factor during the purchase decision process.
50%
of Canadians are willing to pay a premium for healthy products.
33%
Low Toxicity Product
The “Made in CanadaAdvantage”
28 Ideas for staying ahead of the game
30%of Canadian consumers
are willing to pay more for a locally
made product.
90%of consumers would stop buying from a company
using irresponsible practices
Canadians are proud of products and services made in Canada
Two thirds of Canadians have made an effort to buy local in the past year.
75%of consumers would pay more for products and services from a socially responsible company
29 Ideas for staying ahead of the game
Internet Purchases in Canada
Customization is King
31 Ideas for staying ahead of the game
32 Ideas for staying ahead of the game
Lingering Effects of the Recession
■ A profound and lasting effect on consumption habits
■ Consumer confidence remains weak
■ Low interest rates have spurred high debt levels
■ The Sharing Economy
1 888 INFO BDC bdc.ca
Shannon Baird
Senior Account Manager
Fraser Valley Business Centre
604 586-2416
Thank you!
