Anz-Roy Morgan Consumer Confidence Has Seen a Modest Improvement of 2.3Pts, Rising to 80.4

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After a slight dip this past week, ANZ-Roy Morgan Consumer Confidence surged back on the rise with an increase of 2.3 points to 80.4.

Consumer Confidence is currently struggling, standing 21.4 points below where it was in the same week last year (February 14-20, 2022) with a low of 101.8.

Consumer Confidence has dropped 3.9 points from the 2023 weekly average of 84.3, a significant decrease concerning our economic stability and consumer behaviour going forward.

This week saw a dramatic resurgence in Consumer Confidence, primarily due to positive sentiment tied to individuals’ financial situations compared to last year and whether or not now is an opportune moment for significant purchases.

This week, consumer confidence was higher in all five mainland states; particularly impressive are Victoria, Western Australia, and South Australia, with a score of over 80. However, New South Wales and Queensland stand to improve as their scores remain below eighty.

A staggering 22 per cent of Australians report that their families are more financially secure this year than last – an increase of 3 percentage points. 47 per cent (a drop of 2 percentage points) indicate that their households have been worse off than twelve months ago.

An anaemic 6 per cent of Australians anticipate good times for the economy over the next year, compared to 37 per cent who fear ‘bad times’ ahead. It is a 5-point reduction since last year’s survey results.

Consumer confidence increased last week but remained lower than before the February RBA cash rate hike. At 80.4, the Consumer Confidence Index was among the worst ten results in the 150 weeks since the initial COVID outbreak in Australia.” ANZ Senior Economist, Adelaide Timbrell, commented. 

The confidence among those paying off their mortgage is still lower than the other groups, at 73.8. Average confidence rose for all three housing groups during the week, with gains of 1.4pts for people who own their home outright, 3.1pts for those paying off their mortgage, and 2.6pts for renters. Household inflation expectations softened to 5.1 per cent, potentially a lagged response to the rise in interest rates.” she added.

Currently, 20 per cent of Australians (up 3 ppts) believe that now is an opportune time to purchase major household items. Contrastingly, 51 per cent (down 3 ppts) think otherwise and deem it lousy timing for such purchases.

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