Original article by Roy Morgan
Market Research Update – Page: Online : 26-Jul-23

ANZ-Roy Morgan Consumer Confidence rose 2.6pts to 75.2 in the week to 23 July, to its highest since early June. However, Consumer Confidence has now spent 21 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 7.2pts below the same week a year ago (82.4), and 3.1pts below the 2023 weekly average of 78.3. Consumer Confidence was up in New South Wales, Victoria, Queensland and WA, but down slightly in South Australia. Now 20% of Australians (up 3ppts) say their families are ‘better off’ financially than this time last year, while 53% (down 4ppts) say their families are ‘worse off’ financially. Some 30% (up 2ppts) of Australians now expect their family to be ‘better off’ financially this time next year, while 36% (down 4ppts) expect to be ‘worse off’ financially. Only 6% (unchanged) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 40% (down 2ppts) expect ‘bad times’. Meanwhile, 18% (unchanged) of Australians say now is a ‘good time to buy’ major household items, while 57% (also unchanged) say now is a ‘bad time to buy’.

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