Original article by Roy Morgan
Market Research Update – Page: Online : 15-Jun-23

ANZ-Roy Morgan Consumer Confidence fell 3.1 points to 72.7 in the week to 11 June, to its lowest since early April 2020. Consumer Confidence has now spent 15 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 7.7pts below the same week a year ago (80.4) and 6.8pts below the 2023 weekly average of 79.5. Consumer Confidence was up in NSW, but down in Victoria, Queensland, WA and SA. Now 17% of Australians (unchanged) say their families are ‘better off’ financially than this time last year, while 56% (up 2ppts) say their families are ‘worse off’ financially (a new record high for this indicator). Some 28% (unchanged) of Australians now expect their family to be ‘better off’ financially this time next year, while 40% (up 1ppt) expect to be ‘worse off’ financially (the highest figure for this indicator since August 1989). Only 6% (up 1 ppt) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 43% (up 4ppts) expect ‘bad times’ (the highest figure for this indicator since August 2022). Meanwhile, 19% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 57% (up 5ppts) say now is a ‘bad time to buy’ (the highest figure for this indicator since the very start of the pandemic in March 2020).

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