Consumer confidence has increased by 1.6 pts to 111.9 following a strong December quarter in 2020, Roy Morgan has reported.
This result is above the weekly average of 110.4 for 2021 and is a ‘significant’ 11.5pts higher than the same week a year ago, where it sat at 100.4 pts.
According to Roy Morgan data, 26 percent of families (down 1ppt) said they are better off financially than this time last year, and 27 percent (down 2ppts) said they are worse off than this time last year.
“The ANZ Roy-Morgan Consumer Confidence index rose 1.5 percent along with generous gains in four out of five of the sub-indices,” said David Plank, the ANZ Head of Australian Economics.
“The rise likely reflects the strong gains registered by ANZ Job Ads and the GDP numbers released last week. Job Ads grew 13.4 percent y/y in February and Australia saw two consecutive quarters of economic growth of more than three percent for the first time in history. The long weekend of Victoria may also have contributed, as confidence rose 2.1 percent in the state.”
Across Australia, 41 percent (down 1ppt) said now is a ‘good time to buy’ a major household item, with 25 percent say now is a ‘bad time to buy’ a major household item, a figure that remains unchanged.
For the short term, 22 percent (up 4ppts) of Australians said that they can expect good times’ for the country’s economy in the next 12 months, with 16 percent (unchanged) expecting ‘bad times’ in the same period.
IN the long term, 26 percent (up 2ppts) believe that the economy will experience ‘good times’ in the next five years. In contrast, 13 percent (unchanged) expect ‘bad times’ for the Australian economy over the next five years.
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