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Australian Consumer Confidence Remains High
Consumer confidence is up slightly – 112.7 – following increased improvements in personal financial situations.
On a YoY basis, consumer confidence is up a whopping 23.2 pts and is above the 2021 weekly average of 111.1.
Regarding personal financial perspectives, 30 percent of consumers say their families are ‘better off’ financially this year compared to the same period last year – up 2ppts. In contrast, only 14 percent say they are ‘worse off’ financially than last year – up 1ppt. Now, 44 percent of Australian consumers say that now is a good time to buy a major household item. Conversely, 23 percent say it’s a bad time to buy.
“There was some strength in ‘current financial conditions, which rose by 2.2 percent. This gain could be a result of the announcements made about the Budget, such as additional funding for childcare. Overall confidence is just above the long-run average,” said David Plank, the ANZ Head of Australian Economics.
The end of lockdown in Perth has helped increase consumer confidence by 1.3 percent, Plank explained. “The magnitude of the Perth gain is much smaller than the one following Perth’s lockdown at the end of January – possibly because another few cases of infection, and the bad news out of India have the city and country somewhat on edge.”