ANZ-Roy Morgan Consumer Confidence drops below neutral level of 100 after SE Queensland & Victoria plunged into lockdown

Original article by Roy Morgan
Market Research Update – Page: Online : 11-Aug-21

ANZ-Roy Morgan Consumer Confidence fell 3.2pts to 98.6 on August 7/8, after new lockdowns were imposed covering South-East Queensland and Victoria and more than 15 million people were placed under stay-at-home orders. Consumer Confidence is well below the 2021 weekly average of 109.9; however, it remains 12.1 points higher than the same week a year ago (86.5). The lockdowns in South-East Queensland and Victoria helped drive Consumer Confidence under the neutral level of 100 for the first time since early November 2020. Consumer Confidence in Queensland was down 7.8% on a week ago and Victoria was down 3.0%. However, Consumer Confidence in NSW increased by 3.7% as curbs on some industries were relaxed. Now 24% (down 2ppts) of Australians say their families are ‘better off’ financially than this time last year (the lowest figure for this indicator so far this year), while 31% (up 4ppts) say their families are ‘worse off’ financially (the highest figure for this indicator so far this year). In addition, 34% (down 3ppts) of Australians expect their family to be ‘better off’ financially this time next year, and 18% (up 3ppts) expect to be ‘worse off’ financially. Some 13% (up 2ppts) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 28% (down 1ppt) expect ‘bad times’. Meanwhile, 32% (down 4ppts) of Australians say now is a ‘good time to buy’ major household items (the lowest figure for this indicator since late August 2020), while 36% (up 4ppts) say now is a ‘bad time to buy’.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

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