Original article by Roy Morgan
Market Research Update – Page: Online : 21-Jun-23

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 72.4 (down 0.3 points) in the week to 18 June. Consumer Confidence has now spent 16 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 9.3pts below the same week a year ago (81.7), and 6.8pts below the 2023 weekly average of 79.2. Consumer Confidence was up in Victoria, WA and SA, but down in NSW and Queensland. Now only 15% of Australians (down 2ppts) say their families are ‘better off’ financially than this time last year (a new record low for this indicator), while 56% (unchanged) say their families are ‘worse off’ financially (an equal record high for this indicator). Some 27% (down 1ppt) of Australians now expect their family to be ‘better off’ financially this time next year (the lowest figure for this indicator since April 2020), while 39% (down 1ppt) expect to be ‘worse off’ financially. Only 5% (down 1ppt) of Australians expect ‘good times’ for the Australian economy over the next 12 months (the lowest figure for this indicator since August 2020), while 44% (up 1ppt) expect ‘bad times’. Meanwhile, 20% (up 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 53% (down 4ppts) say now is a ‘bad time to buy’.

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