Australians are feeling the pinch, with the lowest recorded consumer confidence rating in a month.
Shopping sentiment has dropped once again, along with consumer confidence. The latter is now at 81.6, dropping 2.1 points.
This is significantly different compared to the same period in 2021, when the average consumer confidence level was 110 (a 28.4 point difference).
Moreover, this score is well below the 2022 weekly average of 93.4 (11.8 points below).
“Consumer confidence declined for a second straight week, driven by concerns about both the economic outlook and household finances,” explained David Plank, the ANZ Head of Australian Economics.
“The RBA’s 50bp rate hike last week weighed on sentiment, with confidence falling for those people paying off a mortgage by a sharp 5.4 percent.”
In addition to the lower confidence levels, there has been a drop in shopping sentiment, too.
Buying intentions have slipped a percentage point, now with one quarter (25 percent) saying that now is a good time to buy major household items. In contrast, 47 percent say the opposite, a figure that remains unchanged.
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