Amid a widespread vaccination rollout and increased societal reopening, new surveys show that positive sentiment about the economy is soaring among consumers and businesses in Canada – a good sign for Canadian promotional products companies that do business in the nation of nearly 38 million people.

Last week, the Bloomberg Nanos Canadian Confidence Index soared to a record high of 66.4 – the highest ever tally for the weekly survey, which has been running for 13 years. Typically, Bloomberg reported, the index averages about 56. Never before had it exceeded 63.

Data shows that 53.5% of Canadians believe the economy will get stronger over the next six months; that’s the highest percentage ever recorded. Roughly six in 10 Canadians expect the value of real estate in their neighborhood to rise, while 70% say their job is at least somewhat secure. According to the Bank of Montreal, Canadian households have also amassed record savings – C$220 billion ($178 billion) – amid societal shutdowns. They’re poised to spend at least some of that as societal reopening broadens.

“The numbers will stoke confidence among economists and policy makers that households will be in a spending mood as pandemic restrictions are lifted, particularly given Canadians are supported by a massive stock of savings accumulated during the crisis,” Bloomberg shared. “After a rough patch in April and May during a spring surge of COVID-19 cases, the Canadian economy is seen rebounding sharply in coming months to pre-pandemic levels as consumers, and potentially businesses, ramp up spending.”

Interesting look at what's going on with the Canadian #promoproducts market from @SaraLav_ASI https://t.co/LloKdYZJ8g Worth your time if your based in Canada or do business there. @asicentral @ASI_MBell

— Chris Ruvo (@ChrisR_ASI) June 24, 2021

Meanwhile, a just-released quarterly survey from the Bank of Canada also suggests that more robust economic recovery lies ahead. The Business Outlook Survey Indicator surged to its highest level on record, according to results released Monday, July 5. “All but a few firms feel the uncertainty related to the pandemic is behind them,” the Bank of Canada reported. “Still, some do not anticipate a full recovery of sales to pre-pandemic levels within the next 12 months.”

Business sentiment in Canada has risen to record levels as an accelerating vaccine rollout bolsters confidence in the recovery, according to the Bank of Canada https://t.co/FaHYRwsgdv

— Bloomberg Canada (@BloombergCA) July 5, 2021

While about 40% of firms have current sales below pre-pandemic levels, these firms generally see substantial increases in their indicators of future sales relative to extremely weak levels a year ago, the Bank of Canada said.

Plans for higher capital expenditures continue to be widespread among Canadian firms. “Businesses hit hard by the pandemic increasingly intend to invest more in the next 12 months, although from low levels,” the Bank of Canada reported. “Indeed, almost one-quarter of firms reported intentions to either resume or catch up on investment plans that were put on hold due to the pandemic.”

Looking ahead, about two-thirds of businesses expect higher levels of employment at their organizations compared to the last 12 months. One headwind though is inflation: A majority of firms expect inflation to be between 1% and 3%, the Bank of Canada revealed.

It's been a challenging year for Canada, particularly Ontario. That province was under almost continuous lockdown from October to June, and is now in the second step of its three-phase reopening plan. Officials there say they’ll announce next steps over the next three weeks.

“I’m fortunate to live in Alberta, which was one of the first Canadian provinces to be basically fully open following COVID,” says Russell Bird, owner of The Promo Addict (asi/302225) in Sherwood Park, AB. “People are scrambling to make plans, organize events and get things going. Actually, it almost happened too fast because the world is open and there isn’t much to do.”

Bird says a few clients are planning company picnics, while others are still waiting and seeing what transpires over the next few months. “We’ll continue to see that disparity in the market this summer,” says Bird, “but come Q4, it’ll be full steam ahead and we will see record numbers of B2B sales.”