Economic Overview and Changing
consumer Trends
Shannon Baird, Senior Account Manager
Business Development Bank of Canada (...
British Columbia’s economic outlook

British
Columbia

1.5%
British
Columbia

3.0%

GDP Growth 2013*
Canada

1.7%

GDP Gro...
Forestry

Manufacturing

Construction

Mining
British Columbia’s demographic outlook

+116,00
0
by 2015

4,786

4,727

+1,270,0
00

4,670

Source: Conference Board of C...
Fraser Valley economic climate, industry
swings and trends.
• Growth rebounded after the recession, and has
since continue...
Abbotsford/Mission economic outlook
GDP Growth 2013*
British Columbia
Abbotsford/Missi
on

1.5%

2.7%

GDP Growth 2014*
Br...
Chilliwack’s Impressive GDP Growth

7

Ideas for staying ahead of the game
Fraser Valley Unemployment Rates
2011
Chilliwack

Abbotsford/Missi
on

5.4%

8.9%

2012
Chilliwack

Abbotsford/Missi
on

6...
Canadian Unemployment Rate Comparison

9

Ideas for staying ahead of the game
Abbotsford-Mission housing market

10

Ideas for staying ahead of the game
Fraser Valley*: Residential Sales and Average
Prices

11

Ideas for staying ahead of the game
Abbotsford-Mission non residential activity

12

Ideas for staying ahead of the game
Abbotsford-Mission GDP Outlook, by sector

13

Ideas for staying ahead of the game
The recession was harder for consumers than for
businesses

14

Ideas for staying ahead of the game
Construction

Services

Manufacturing
Mapping your future growth

Game-Changing
Consumer Trends
Consumer Behaviour in Canada
■ The Internet and the Empowered Consumer
■ The New Health Mania
■ The “Made in Canada” advan...
The Internet and
the Empowered Consumer
Online:

84%

of Canadians are
connected to the
Internet, owning
2.6 Internet-capable
devices on average
Changing Path of Consumer Purchasing

 84% connectivity
 A simple of lack of web presence is no longer enough
 A struct...
The Internet revolution
Consumer reviews posted online rank #2
behind personal recommendations as
trusted sources.

41%

o...
B2B – Business to Business and the internet

 89% of companies will google new and potential
suppliers
 80% will have an...
The Healthy Consumer
50%

of Canadians
consider the health
impact of a product
as an important
factor during
the purchase
decision process.
33%
of Canadians
are willing to pay
a premium for
healthy products.
Low Toxicity
Product
The “Made in Canada
Advantage”
Canadians are proud of products and
services made in Canada
Two thirds of Canadians have made an
effort to buy local in th...
Internet Purchases in Canada

29

Ideas for staying ahead of the game
Customization is King
31

Ideas for staying ahead of the game
Lingering Effects of the Recession
■ A profound and lasting effect on consumption habits
■ Consumer confidence remains wea...
Thank you!
Shannon Baird
Senior Account Manager
Fraser Valley Business Centre
604 586-2416
shannon.baird@bdc.ca

1 888 INF...
Business Development Bank of Canada - Report on Consumer Trends for the Fraser Valley CA Association
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Business Development Bank of Canada - Report on Consumer Trends for the Fraser Valley CA Association

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Presentation by Shannon Baird, Senior Account Manager, BDC at the FVCAA Conference Day on November 7, 2013

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  • When compared to BC as a whole, Abbotsford/Mission is above or at expected GDP growth
  • Currently 50% of people will conduct a broad search online prior to purchase. They’ll look at things as to where to buy, cheapest price, location, availability online/instore.
    42% will check consumer reviews. 7 out of 10 online users in the US, Canada and the UK claim that they trust online reviews. This is second only to ‘recommendations from people they know’ and rated higher than editorials, branded websites, all traditional advertising, sponsorships and other forms.
  • The “made in Canada” advantage is the third trend identified in the BDC report.
  • Business Development Bank of Canada - Report on Consumer Trends for the Fraser Valley CA Association

    1. 1. Economic Overview and Changing consumer Trends Shannon Baird, Senior Account Manager Business Development Bank of Canada (BDC)
    2. 2. British Columbia’s economic outlook British Columbia 1.5% British Columbia 3.0% GDP Growth 2013* Canada 1.7% GDP Growth 2014* Canada 2.4% Source: Conference Board of Canada. Provincial Outlook: British Columbia (Summer 2013) * Forecast. 2 Ideas for staying ahead of the game
    3. 3. Forestry Manufacturing Construction Mining
    4. 4. British Columbia’s demographic outlook +116,00 0 by 2015 4,786 4,727 +1,270,0 00 4,670 Source: Conference Board of Canada. Provincial Outlook: British Columbia (Long-term Economic Forecasts) 4 Ideas for staying ahead of the game by 2035
    5. 5. Fraser Valley economic climate, industry swings and trends. • 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 5 Ideas for staying ahead of the game
    6. 6. Abbotsford/Mission economic outlook GDP Growth 2013* British Columbia Abbotsford/Missi on 1.5% 2.7% GDP Growth 2014* British Abbotsford/Missi Columbia on 3.0% 2.7% Source: Conference Board of Canada. Provincial Outlook: British Columbia (Summer 2013) * Forecast. 6 Ideas for staying ahead of the game
    7. 7. Chilliwack’s Impressive GDP Growth 7 Ideas for staying ahead of the game
    8. 8. Fraser Valley Unemployment Rates 2011 Chilliwack Abbotsford/Missi on 5.4% 8.9% 2012 Chilliwack Abbotsford/Missi on 6.5% 7.9% Source: Conference Board of Canada. Provincial Outlook: British Columbia (Summer 2013) * Forecast. 8 Ideas for staying ahead of the game
    9. 9. Canadian Unemployment Rate Comparison 9 Ideas for staying ahead of the game
    10. 10. Abbotsford-Mission housing market 10 Ideas for staying ahead of the game
    11. 11. Fraser Valley*: Residential Sales and Average Prices 11 Ideas for staying ahead of the game
    12. 12. Abbotsford-Mission non residential activity 12 Ideas for staying ahead of the game
    13. 13. Abbotsford-Mission GDP Outlook, by sector 13 Ideas for staying ahead of the game
    14. 14. The recession was harder for consumers than for businesses 14 Ideas for staying ahead of the game
    15. 15. Construction Services Manufacturing
    16. 16. Mapping your future growth Game-Changing Consumer Trends
    17. 17. 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 17 Ideas for staying ahead of the game
    18. 18. The Internet and the Empowered Consumer
    19. 19. Online: 84% of Canadians are connected to the Internet, owning 2.6 Internet-capable devices on average
    20. 20. 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. 20 Ideas for staying ahead of the game
    21. 21. The Internet revolution Consumer reviews posted online rank #2 behind personal recommendations as trusted sources. 41% of consumers buy products or services online. 50% of consumers perform an online research prior to a purchase. 21 75% of consumers say that online ratings and reviews influence their buying decisions. Ideas for staying ahead of the game
    22. 22. 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? 22 Ideas for staying ahead of the game
    23. 23. The Healthy Consumer
    24. 24. 50% of Canadians consider the health impact of a product as an important factor during the purchase decision process.
    25. 25. 33% of Canadians are willing to pay a premium for healthy products.
    26. 26. Low Toxicity Product
    27. 27. The “Made in Canada Advantage”
    28. 28. 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. 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 28 75% of consumers would pay more for products and services from a socially responsible company Ideas for staying ahead of the game
    29. 29. Internet Purchases in Canada 29 Ideas for staying ahead of the game
    30. 30. Customization is King
    31. 31. 31 Ideas for staying ahead of the game
    32. 32. 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 32 Ideas for staying ahead of the game
    33. 33. Thank you! Shannon Baird Senior Account Manager Fraser Valley Business Centre 604 586-2416 shannon.baird@bdc.ca 1 888 INFO BDC bdc.ca

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