ANZ-Roy Morgan Consumer Confidence increased 0.8pts to 81.6 this week and is now 25.8pts below the same week a year ago, November 20/21, 2021 (107.4). In addition, Consumer Confidence is now 7.6pts below the 2022 weekly average of 89.2.
Although the wider move in Consumer Confidence was up this week there were mixed results around the nation. The two larger States of NSW and Queensland both decreased this week, while the other three mainland States, Victoria, Western Australia and South Australia all increased.
Across the index the two questions that drove the weekly increase related to Australia’s economic performance over the next five years and whether or not now is a ‘good/bad time to buy’ major household items.
Consumer confidence increased 1% last week, likely boosted by solid employment growth in October and a further easing in inflation expectations. Household inflation expectations (IE) eased to 6.3%, but this is the sixth consecutive week with IE above 6%. Despite the consecutive gains, sentiment remains close to levels last seen during the early weeks of the COVID lockdowns. Critically, though, ANZ-observed spending data suggests that consumer spending has stayed strong, with spending momentum similar to pre-pandemic levels. The jump in whether “it is a good time to buy a major household item” may signal sentiment regarding purchases on Black Friday this week.
The latest Roy Morgan Consumer Confidence Monthly Report is available on the Roy Morgan Online Store. It provides demographic breakdowns for Age, Sex, State, Region (Capital Cities/ Country), Generations, Lifecycle, Socio-Economic Scale, Work Status, Occupation, Home Ownership, Voting Intention, Roy Morgan Value Segments and more