Sector Insights
Financial
Decreasing inflation and interest rate cuts are encouraging signs as we head into 2025, signaling a rebound for the economy. However, we are already starting to see market stress with the impending swearing in of President-elect Trump, with the dollar hitting at new lows. Many experts are predicting that the Canadian economy will lag the U.S. next year. We may also see a direct impact on investments in certain industries, should tariffs be put in place. Public relations professionals can help organizations simplify complicated topics and share their views to ensure investors and Canadians as a whole stay informed and up to date on the latest market news.
– Keera Hart, Vice President, Financial Services Practice
Marketing Communications
Economic uncertainty is the message you’ll hear repeated across the board heading into 2025 as tariffs threaten an already high cost of living, and household spending feels new levels of pressure. Major brands that have become accustomed to taking big swings to win awards with the next “wow” campaign will have to adapt their strategy and messaging to resonate with the average Canadian household.
Trend reporting suggests that one place Canadians still plan to spend is on travel. The post-Covid “revenge travel” spending is slowing, but not falling off a cliff. Once again, household income along with political differences and the seemingly unending rise in transportation and accommodation costs will play a big factor in their destinations.
– Ray McIlroy, Senior Vice President, Marketing Communications
Real Estate
After a couple of years of finger-pointing, siloed conversations and band-aid solutions, the national housing crisis has only worsened. Construction starts are at an all-time low in many places including the Greater Toronto Area and three to five years from now will see a national housing catastrophe. Add the current political climate to the mix and, oof! There are signs that the reality of the pending catastrophe is starting to sink in across the board which leads to hope that in 2025, all levels of government along with public and private sectors will begin to work together to create a multi-pronged strategy to get developments moving again. There is no doubt that next year is going to be another rocky one for the industry. Organizations must consider their public relations and government relations needs to ensure they have strategic plans in place to help navigate the waters ahead.
– Samantha Martin, Vice President, Real Estate Practice
Associations
As we approach 2025, uncertainty is the prevailing theme, leading many organizations to look for ways to align their budgets with the safest strategies for the turbulent times ahead. This includes carefully examining expenses like industry membership fees. It will be crucial for all associations to clearly define and communicate their value proposition to stakeholders to protect themselves against potential budget cuts. Effective communication will be a top priority to ensure that their value proposition resonates.
– Kiki Cloutier, Senior Vice President, Associations
Regional Insights
Québec
Global economic hurdles, national tariff battles and local immigration freeze: Québec will be one of the cornerstones of the financial and socio-economic wave sweeping the country in 2025. Many cards will have to be reshuffled – leaving space for acute thought leadership comments and analysis from various industry experts.
Consumer spending has been holding up well despite a slow job market but this may change with the increase in rent and house prices, forecasted to be steeper in Québec. The public health sector is undergoing changes, spending cuts, and will be on the radar. However, the construction industry should see a record year, and local AI and tech companies will be on the rise. Provincial spending will be constrained, but many eyes will be on Montréal’s upcoming change of leadership in the Fall, the metropolis being a catalyst of inflation, recovery, and new policy implementations.
The Québec economy continues to prove itself to be resilient. Faced with emerging protectionism in the U.S., Québec will likely seek to diversify its markets, whether towards Europe and other countries from the Francophonie, or the rest of Canada and particularly Ontario with whom trade relations have been excellent. Efficient, nimble, and locally adapted cross-market and bilingual communications strategies will, more than ever, be key in harnessing brands’ full potential and expansion from and throughout Québec. Data, along with channel diversification, will also be key as reporters, audiences and stakeholders will be looking to understand consumer sentiment and reach niche audiences. Finally, with new provisions of Bill-96 coming into effect in June, marketing and digital advertising professionals will need to keep being conscious of language and cultural adaptations as they map out their content and brand strategies.
– Chloé Lebouc, Vice President & Montréal Lead, Québec
Prairie Region
Given the uncertain economic conditions not just in Canada but across North America, the Prairies’ energy and natural resources sectors are positioned to continue dominating public discourse in 2025. This means organizations will need to prioritize strategic communications to navigate growing scrutiny, shifting policies and reputational pressures.
At the same time, the real estate sector will remain a focal point as the region – especially Alberta – navigates evolving market demands, demographic shifts and increased interest in sustainable development. From residential projects to commercial hubs, organizations will face growing pressure to communicate their contributions to economic growth and community building.
Public relations will play an important role in building trust and crafting balanced narratives, and data-driven campaigns that showcase leadership, innovation, sustainability and economic impact will be essential to driving business success.
– Jennifer Farr, Account Director, Prairies
British Columbia
British Columbia’s economy has seen a boost in recent years due to the impact of mega capital projects like Trans Mountain, Site C, LNG Canada, and Coastal Gas Link along with high levels of government spending. With these mega capital projects ending and no large projects on the horizon it is likely B.C.’s economy will align more with other provinces going into 2025. While there has been growth in service exports like professional services and tourism, these gains are offset by losses in forestry and manufacturing. We can expect to see these industries continue to face losses if President-elect Trump succeeds in implementing high tariffs making trade relations with the U.S. much more volatile. However, we may see an increase in the Tourism industry with the Invictus Games taking place in Vancouver in 2025.
This ever-changing landscape will require nimble communications plans to ensure organizations are updating their audiences effectively and in a timely manner. Public relations will be a key tool for organizations to remain top of mind, while promoting successes along the way, in a turbulent market.
– Chloe Thomson, Account Manager, Vancouver