Original article by Roy Morgan
Market Research Update – Page: Online : 23-Oct-24

ANZ-Roy Morgan Consumer Confidence rose 4.1pts to 87.5 in the week to 20 October. Consumer Confidence has broken out of the sub-85 range for the first time in 90 weeks, and it now at its highest since January 2023; Consumer Confidence is also now 9.3 points above the same week a year ago (78.2), and 5.2 points above the 2024 weekly average of 82.3. A look at Consumer Confidence by State shows increases in all five mainland States this week, with the largest increases in New South Wales, Queensland and South Australia. Now 24% of Australians (up 3ppts) say their families are ‘better off’ financially than this time last year, while 45% (down 4ppts) say their families are ‘worse off’ (the lowest figure for this indicator since January 2023). Looking forward, 34% (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 29% (down 2ppts) expect to be ‘worse off’ (the lowest figure for this indicator since January 2023). However, only 8% (down 2ppts) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 28% (down 2ppts) expect ‘bad times’ (the lowest figure for this indicator since April 2022). Meanwhile, 24% (up 4ppts) of Australians say now is a ‘good time to buy’ major household items, while 45% (down 3ppts) say now is a ‘bad time to buy’ (the lowest figure for this indicator since October 2022).

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