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ANZ-Roy Morgan Consumer Confidence increases for tenth straight week, up 3.2pts to 103.1 – first time above 100 since early March
November 10 2020
- Finding No.
Consumer Confidence Press Release
This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,542 online and telephone interviews conducted Australia-wide with men and women aged 14 and over the weekend November 7/8, 2020.
ANZ-Roy Morgan Consumer Confidence increased 3.2pts to 103.1 on November 7/8, 2020 and is now 8.7pts above the 2020 weekly average of 94.4 but is still 8pts lower than a year ago on the comparable weekend of November 9/10, 2019 (111.1).
Consumer Confidence has now increased for ten straight weeks and is up 12.9pts since ending August at 90.2 and at its highest for over eight months since March 1, 2020 (104.8). Driving this week’s increase is more Australians saying now is a ‘good time to buy’ major household items.
Current financial conditions
Now 27% (up 5ppts) of Australians say their families are ‘better off’ financially than this time last year and a third, 33% (down 1ppt), say their families are ‘worse off’ financially.
Future financial conditions
Current economic conditions
Future economic conditions
Time to buy a major household item
- In good news for retailers in then lead-up to Christmas an increasing plurality of Australians, 41% (up 6ppts), say now is a ‘good time to buy’ major household items (the highest figure for this indicator for nearly six months since May 30/31, 2020), while only 27% (down 5ppts), say now is a ‘bad time to buy’ (the lowest figure for this indicator for over eight months since early March 2020).
ANZ Head of Australian Economics, David Plank, commented:
“Consumer confidence is now above the neutral level for the first time since the pandemic began, posting its tenth gain in a row to hit an eight-month high. Notably, there is sharp improvement in ‘time to buy a major household item’, which could signal a buoyant Christmas shopping period. Lower interest rates and the RBA’s commitment to support employment could have been triggers for the gain. Our concern over weakness in last week’s ‘current financial conditions’ has relaxed somewhat as the fall turned around this week.”
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Related Research Reports
The latest Roy Morgan Consumer Confidence Monthly Report is available on the Roy Morgan Online Store. It provides demographic breakdowns for Age, Sex, State, Region (Capital Cities/ Country), Generations, Lifecycle, Socio-Economic Scale, Work Status, Occupation, Home Ownership, Voting Intention, Roy Morgan Value Segments and more
Consumer Confidence – Monthly Detailed Report in Australia.
Business Confidence – Monthly Detailed Report in Australia.
Consumer Banking Satisfaction - Monthly Report in Australia.
You can also view our monitor of Monthly Australian Unemployment & Under-employment Estimates.
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