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ANZ-Roy Morgan Consumer Confidence increases for ninth straight week, up 0.2pts to 99.9 – up in Melbourne as 16 week lockdown ends
November 03 2020
- Finding No.
Consumer Confidence Press Release
This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,529 online and telephone interviews conducted Australia-wide with men and women aged 14 and over the weekend October 31/ November 1, 2020.
ANZ-Roy Morgan Consumer Confidence increased 0.2pts to 99.9 on October 31/ November 1, 2020 and is now 5.7pts above the 2020 weekly average of 94.2 but is still 13.6pts lower than a year ago on the comparable weekend of November 2/3, 2019 (113.5).
Consumer Confidence has now increased for nine straight weeks and is up 9.7pts since ending August at 90.2 and at its highest for over six months since March 14/15, 2020 (100.0). Driving this week’s increase is more confidence about the economic conditions in Australia over the next year.
Current financial conditions
Now 22% (down 4ppts) of Australians say their families are ‘better off’ financially than this time last year and 34% (up 2ppts) say their families are ‘worse off’ financially.
Future financial conditions
Current economic conditions
An increasing 12% of Australians (up 3ppts) expect ‘good times’ for the Australian economy over the next 12 months (the highest figure for this indicator for over 7 months since March 2020) while 30% (down 4ppts), expect ‘bad times’ (the lowest figure for this indicator for over a year since July 2019).
Future economic conditions
Time to buy a major household item
- A decreasing plurality of Australians, 35% (down 1ppt), say now is a ‘good time to buy’ major household items, while under a third, 32% (up 1ppt), say now is a ‘bad time to buy’.
ANZ Head of Australian Economics, David Plank, commented:
“Confidence gained for the ninth straight week and is now close to neutral, its highest level since the pandemic induced collapse in confidence in mid-March. The details suggest some caution about the result, however. ‘Current financial conditions’ fell by more than 6% – its biggest weekly decline since the extreme weakness seen in March. This may be a sign that the cutbacks in the JobKeeper and JobSeeker payments are starting to be felt. The sub-indices can be volatile from week-to-week, as evidenced by the jump in inflation expectations after the plunge the week before, so we need to be cautious about reading too much into the drop. And consumers are quite confident about their future financial outlook. Still, we will be looking at other data (such as ANZ observed card spending) for any confirmation that household financial conditions are tightening.”
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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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