Original article by Roy Morgan
Market Research Update – Page: Online : 19-Jul-23

ANZ-Roy Morgan Consumer Confidence fell 0.7pts to 72.6 in the week to 16 July. Consumer Confidence has now spent 20 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 9.2pts below the same week a year ago (81.8), and 5.8pts below the 2023 weekly average of 78.4. Consumer Confidence was down in New South Wales and Victoria, but up slightly Queensland, WA and SA. Now only 17% of Australians (down 2ppts) say their families are ‘better off’ financially than this time last year, while 57% (up 4ppts) say their families are ‘worse off’ financially (a new record high for this indicator in 50 years of interviewing). Some 28% (up 1ppt) 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. Only 6% (unchanged) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 42% (down 1ppt) expect ‘bad times’. Meanwhile, 18% (up 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 57% (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