ANZ-Roy Morgan Consumer Confidence is on the rise as Aussies enter the New Year invigorated and refreshed.
ANZ-Roy Morgan Consumer Confidence has increased 3 points to 84.8 in the first week of 2024, which takes the index to its highest since early February 2023.
Consumer Confidence started 2024 8.4 points higher than a month ago in early December and is now nearly 7 points above the 2023 weekly average of 78.0.
This is however, 2.6 points lower YoY and marks a record 47 straight weeks below the mark of 85.
“ANZ-Roy Morgan Australian Consumer Confidence started the year at its highest level since late January 2023, commented ANZ Senior Economist, Adelaide Timbrell. “While elevated consumer confidence is typical for early January, this represented the third-largest January jump (compared to the prior year’s Q4 average) in the last 15 years.”
Buying intentions show consumers are feeling like now is a good time to buy major household items with 25 percent of surveyed Australians seemingly looking to refresh their home and cash in on extended boxing day sales.
Positive intentions for the New Year reveal, that 11 percent of Australian consumers expect ‘good times’ for the Australian economy over the next twelve months, which according to ANZ and Roy Morgan, is the highest figure for this indicator for well over 18 months since April 2022 – just before the RBA first raised interest rates.
Overall sentiment for the Australian economy has improved with 15 percent of Australians expecting ‘good times’ for the economy over the next five years (the highest figure for this indicator for over 15 months since September 2022).
ANZ Senior Economist, Adelaide Timbrell, has hopes that this confidence among consumers is set to grow as inflation settles, “we expect consumer confidence to lift meaningfully closer to the long-term average once inflation shows further signs of declining,” she said.