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Consumer Confidence Increases for 10 Weeks Straight
Consumer confidence is continuing to increase, with growth for ten consecutive weeks, providing some comfort and reassurance for retailers heading into the Christmas season.
However, overall confidence is still eight pts lower than the same time last year.
Consumer confidence has grown by 3.2 pts to 103.1, which is the first time it has sat above 100 since March.
“Consumer confidence is now above the neutral level for the first time since the pandemic began, posting its tenth gain in a row to hit an eight-month high. Notably, there is sharp improvement in ‘time to buy a major household item’, which could signal a buoyant Christmas shopping period. Lower interest rates and the RBA’s commitment to support employment could have been triggers for the gain,” said David Plank, the ANZ Head of Australian Economics.
According to Roy Morgan, 27 percent of Australians say their families are ‘better off’ than this time last year, up five ppts. One-third of Aussies (33 percent) say they are ‘worse off’ financially, down one ppt.
The report found that 41 percent of Australians say that now is a good time to buy a major household item, up six ppts. This is the highest figure for this indicator for nearly six months. In contrast, 27 percent say that now is a bad time to buy, which is the lowest figure for this indicator for over eight months.
“Our concern over weakness in last week’s ‘current financial conditions’ has relaxed somewhat as the fall turned around this week,” Plank explained.