“Time To Buy A Major Household Item”: Consumer Confidence Up
Consumer confidence has increased this week, following the ending of Melbourne’s enforced two-week lockdown.
Confidence increased 0.3 points, to 111.0 points, according to ANZ-Roy Morgan’s Consumer Confidence survey. Although confidence has risen, it remains below the 2021 average of 111.3 points.
Not surprisingly, we are 13.5 points higher than this time last year, when in the throes of COVID-19 panic.
Australians expect “good times” for the Australian economy over the next five years, and feel that now is a “good time to buy major household items,” which may also have a lot to do with the EOFY sales.
27 per cent of Australians say their families are ‘better off’ financially than this time last year, while 28 per cent say their families are ‘worse off’.
“Consumer confidence increased 0.3% last week as the two-week lockdown in Melbourne came to an end, although restrictions such as mandatory wearing of masks in public places and other travel and gathering restrictions remained,” notes ANZ Head of Australian Economics, David Plank.
“This probably explains why confidence in Melbourne fell a further 0.9%, while it rose by 4.8% in regional Victoria,” Plank continues.
“We see the rapid recovery in confidence in regional Victoria as evidence that consumer sentiment remains resilient in the face of temporary lock-downs and so don’t expect the more prolonged period of restrictions in Melbourne to have a long-term scarring effect.”