Roy Morgan Research
November 21, 2023

ANZ-Roy Morgan Consumer Confidence virtually unchanged at 74.7 this week as buying intentions improve ahead of the Black Friday/Cyber Monday weekend

Topic: Consumer Confidence
Finding No: 9365
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ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 74.7 this week. Consumer Confidence has now spent a record 42 straight weeks below the mark of 85. Consumer Confidence is now 6.9pts below the same week a year ago, November 14-20, 2022 (81.6) and clearly below the 2023 weekly average of 77.9.

Looking around the States Consumer Confidence was up in Victoria, South Australia and Western Australia, virtually unchanged in New South Wales, and down slightly in Queensland.

Current financial conditions

  • Now just under a fifth of Australians, 19% (down 1ppt) say their families are ‘better off’ financially than this time last year compared to a majority of 55% (up 1ppt) that say their families are ‘worse off’.

Future financial conditions

  • Looking forward, under a third of Australians, 28% (unchanged), expect their family to be ‘better off’ financially this time next year while 38% (unchanged), expect to be ‘worse off’.

Current economic conditions

  • Only 6% (down 1ppt) of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to two-fifths, 42% (up 2ppts), that expect ‘bad times’.

Future economic conditions

  • Net sentiment regarding the Australian economy in the longer term has remained unchanged this week with only 10% of Australians expecting ‘good times’ for the economy over the next five years compared to over a fifth, 22% (down 2ppts), expecting ‘bad times’.

Time to buy a major household item

  • Buying intentions recovered slightly this week with 19% (up 1ppt) of Australians saying now is a ‘good time to buy’ major household items as we enter the Christmas retailing period while a declining majority of 52% (down 3ppts), say now is a ‘bad time to buy’.

ANZ Senior Economist, Adelaide Timbrell, commented:

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The ANZ-Roy Morgan Australian Consumer Confidence index increased slightly last week but remained persistently weak. It was among the ten worst results since the beginning of the COVID pandemic in March 2020. The recent decline in confidence has been sharp for those paying off their homes, while for renters and outright owners it has been shallower. There has been an increase in the subindices that capture the future financial and economic conditions, whereas in the past two weeks there has been a weakening in those that capture current conditions.

Check out the latest results for our weekly surveys on Business Confidence, Consumer Confidence, and Voting Intention as follows:

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

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Margin of Error

The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.

Sample Size Percentage Estimate
40% – 60% 25% or 75% 10% or 90% 5% or 95%
1,000 ±3.0 ±2.7 ±1.9 ±1.3
5,000 ±1.4 ±1.2 ±0.8 ±0.6
7,500 ±1.1 ±1.0 ±0.7 ±0.5
10,000 ±1.0 ±0.9 ±0.6 ±0.4
20,000 ±0.7 ±0.6 ±0.4 ±0.3
50,000 ±0.4 ±0.4 ±0.3 ±0.2
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