Abacus Data | The Shortage Economy in Canada and What it Means for Leaders

▤ Summary

In its early October edition, the Economist put a spotlight on what it called the “shortage economy” and argued that “scarcity has replaced gluts as the biggest impediment to growth.” As a public opinion and social researcher, I was of course intrigued. Moreover, Statistics Canada’s Labour Force Survey finds that the number of Canadians leaving their jobs voluntarily and because they are dissatisfied with their work, is much lower than it was at the start of the pandemic. This means that the acceleration in e-commerce use over the course of the pandemic may stick around, as consumers met an improving experience while brick-and-mortar retailers were static and constrained by capacity restrictions, social distancing, and other COVID-created challenges. And while supporters of the opposition parties are more likely to think the federal government did have a big impact on inflation, 4 in 10 Liberal voters feel the same way, suggesting this view isn’t entirely caused by partisanship. Millions haven’t been able to buy the bike, fridge, or new sofa they wanted or needed and many feel the customer service they’ve received from their favourite restaurant, airline, or retailer has gotten worse.

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