Original article by Roy Morgan
Market Research Update – Page: Online : 7-Aug-24

ANZ-Roy Morgan Consumer Confidence fell 1.8pts to 81.3 in the week to 4 August; the index has now spent a record 79 straight weeks below the mark of 85. However, Consumer Confidence is now 6.3 points above the same week a year ago (75.0), although it is 0.5 points below the 2024 weekly average of 81.8. A look at Consumer Confidence by State shows there were mixed results, with small increases in New South Wales and Victoria, virtually unchanged in South Australia and significant decreases in Queensland and Western Australia. Now 21% of Australians (unchanged) say their families are ‘better off’ financially than this time last year, while 51% (up 2ppts) say their families are ‘worse off’. Looking forward, 30% (down 2ppts) of Australians expect their family to be ‘better off’ financially this time next year, while 34% (up 3ppts) expect to be ‘worse off’. Now 8% (down 1ppt) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 34% (down 1ppt) expect ‘bad times’. Meanwhile, 22% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 46% (down 2ppts) say now is a ‘bad time to buy’ (the lowest figure for this indicator since January 2023).

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