Original article by Roy Morgan
Market Research Update – Page: Online : 24-May-23

ANZ-Roy Morgan Consumer Confidence rose 1.4pts to 77.3 in the week to 21 May. The index has now spent 12 straight weeks below the mark of 80; the last time Consumer Confidence spent at least 12 weeks below the mark of 80 was during the 1990-91 recession, when the index was conducted on a monthly rather than a weekly basis. Consumer Confidence is now 13.5pts below the same week a year ago (90.8), and 2.9pts below the 2023 weekly average of 80.2. Consumer Confidence was up in Victoria, Queensland, WA and SA, but down in New South Wales. Now 18% of Australians (up 1ppt) say their families are ‘better off’ financially than this time last year, while 49% (down 7ppts) say their families are ‘worse off’ financially. Some 30% (unchanged) of Australians now expect their family to be ‘better off’ financially this time next year, while 36% (down 1ppt) expect to be ‘worse off’ financially. Only 8% (up 2ppts) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 39% (up 2ppts) expect ‘bad times’. Meanwhile, 17% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 53% (down 2ppts) say now is a ‘bad time to buy’.

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