This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,492 online and telephone interviews conducted Australia-wide with men and women aged 14 during the week of May 9-15, 2022.
ANZ-Roy Morgan Consumer Confidence dropped 1.2 points to 89.3 this week, a fourth straight weekly drop and is now at its lowest since August 15/16, 2020 (88.6) nearly two years ago. This is the longest series of declines in the index since that same month when Consumer Confidence dropped for seven straight weeks in June – August 2020.
Consumer Confidence is now a significant 23.2pts below the same week a year ago, May 15/16, 2021 (112.5) and is now 7.5pts below the 2022 weekly average of 96.8.
There was not a consistent trend on a State-based basis with Consumer Confidence down in Victoria, Western Australia and South Australia, but up slightly in New South Wales and Queensland. The driver of the weekly fall was a decrease in confidence about personal financial situations compared to a year ago as well as less confidence that now is a good/bad time to buy major household items.
Now just a quarter of Australians, 25% (down 2ppts) say their families are ‘better off’ financially than this time last year compared to 38% (up 2ppts), that say their families are ‘worse off’ financially.
Looking forward, under a third of Australians, 31% (down 1ppt) expect their family to be ‘better off’ financially this time next year compared to 27% (down 1ppt), that expect to be ‘worse off’ financially.
An unchanged 10%, of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to 30% (down 1ppt), that expect ‘bad times’.
In the longer term, just 14% (up 1ppt), of Australians are expecting ‘good times’ for the economy over the next five years compared to 20% (up 1ppt) expecting ‘bad times’.
The increase in interest rates has led to buying intentions deteriorating again this week, with 26% (down 1ppt) of Australians, saying now is a ‘good time to buy’ major household items (the lowest figure for this indicator for over two years since April 2020) while 44% (up 1ppt) say now is a ‘bad time to buy’ (the highest figure for this indicator for over two years since April 2020).
ANZ Head of Australian Economics, David Plank, commented:
Consumer confidence dropped 1.3% last week, its third consecutive weekly loss. Last week’s decline was mainly driven by drops in the subindices that capture the‘financial situation compared to a year ago’ and whether it is a ‘good time to buy a major household item’. This suggests that cost of living concerns are front and centre for consumers. Among the respondents ‘paying off their home loan’, confidence dropped 0.6%, falling a cumulative 14.7% over the past three weeks. Confidence was 2.7% lower for people who ‘own their home’, while it rose 0.5% for people who are ‘renting’. Household inflation expectations rose 0.2ppt to 5.3% amid higher petrol prices.
Latest ANZ-Roy Morgan Australian & Asia-Pacific Consumer Confidence Data Tables
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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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