Original article by Roy Morgan
Market Research Update – Page: Online : 10-May-23

ANZ-Roy Morgan Consumer Confidence fell 2.1pts to 77.7 in the week to 7 May. The index has now spent 10 straight weeks below the mark of 80 – the longest stretch below 80 since the index began being conducted on a weekly rather than a monthly basis in October 2008. Consumer Confidence is now 12.8pts below the same week a year ago (90.5), and 2.9pts below the 2023 weekly average of 80.6. As usual Consumer Confidence was mixed around the States, with decreases in Victoria, WA and SA, but up slightly in NSW and Queensland. Now 19% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 53% (up 3ppts) say their families are ‘worse off’ financially. Some 32% (up 1ppt) of Australians now expect their family to be ‘better off’ financially this time next year, while 34% (unchanged) expect to be ‘worse off’ financially. Only 6% (unchanged) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 38% (up 3ppts) expect ‘bad times’. Meanwhile, 18% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 53% (up 1ppt) say now is a ‘bad time to buy’.

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