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Financial Security Drives Consumer Confidence, Roy Morgan Reports
Australian Consumer Confidence is now up 0.9pts to 112.1 in January 2021, ANZ-Roy Morgan is reporting, due to better financial stability.
This comes as confidence about personal finances is higher than during the pandemic.
According to the report, 29 percent (up 3ppts) of Australians say their families are financially ‘better off’ than this time last year. Furthermore, 27 percent of Aussies say they are ‘worse off’ financially.
“The second week of gains in consumer confidence reflects the improved assessment of personal financial conditions, consistent with the improving labour market,” said David Plank, the ANZ Head of Australian Economics.
“The pullback in ‘economic conditions’ is somewhat of a rebalancing following its sharp surge the previous week. The headline confidence level is close to its long-term average, for the first time since late 2019. This suggests momentum in the economy remains positive.
“Weekly inflation expectations rose 0.1ppt to 3.8 percent and has now effectively reversed all of fall in expectations seen during the early months of the pandemic.
“News of the lockdown of Perth and southwest Western Australia came too late to impact the survey,” he said.
A whopping 42 percent of Australians are expecting their families to be ‘better off’ financially this time next year, with 12 percent saying they will be ‘worse off’ in 2022.
In terms of buying a major household item, 42 percent of Aussies say that now is a good time to buy, which is up 2ppts. Only one quarter of respondents (25 percent) say that now is a bad time to buy a major household item.