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February 10, 2022   FinTech and Alternative Finance, Fintech Opinions, Innovation and Resources, Leadership, Competition, Human Capital, Health, Research, Stories   No comments

Ipsos Survey: Most Canadians Say (88%) We Need More Competition

Ipsos | Feb 8, 2022

most canadians agree we need more competition - Ipsos Survey: Most Canadians Say (88%) We Need More CompetitionToronto, ON, February 8, 2021 – Most (88%) Canadians agree (39% strongly/49% somewhat) that we need more competition in Canada because it’s too easy for big business to take advantage of Canadians, according to a new Ipsos poll. Moreover, nine in ten (90%) agree (38% strongly/52% somewhat) that we need to take steps so that small and medium-sized businesses can compete with the larger players.

Canadians perceive clearly what the benefits of increased competition could be:

  • Eight in ten (88%) agree (34% strongly/55% somewhat) that more competition between businesses means more choice for consumers and lower prices
  • A majority (85%) agrees (29% strongly/56% somewhat) that more competition between businesses will lead to better quality products and more innovation in Canada.

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Some might argue that Canadian companies need domestic protection from too much competition in order to enable them to compete internationally.

Canadians are not sold on this point. Half (48%) agree (9% strongly/39% somewhat) that less competition within Canada means that Canadian companies are more protected so that they can compete with larger companies from other countries.

Canadians were asked whether they believe that certain sectors of the economy need more competition, or whether there is enough competition.

A strong majority of Canadians (72%) believe that the telephone and cable industry needs more competition, while fewer believe that big-box retail (51%), airline (51%), insurance (49%), grocery (40%) and banking sectors need more competition. Conversely, two in three (67%) believe that there is enough competition from banks, while fewer say the same about the grocery (60%), insurance (51%), airlines (49%), big-box retail (49%) and telecommunications/cable (28%) sectors.

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NCFA Jan 2018 resize - Ipsos Survey: Most Canadians Say (88%) We Need More Competition The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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