Roy Morgan Research
January 16, 2024

ANZ-Roy Morgan Consumer Confidence virtually unchanged at 84.4 in second week of 2024

Topic: Consumer Confidence
Finding No: 9395
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ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 84.4 this week. Consumer Confidence has now spent a record 50 straight weeks below the mark of 85. Consumer Confidence is now 3.3pts below the same week a year ago, January 9-15, 2023 (87.7) and 6.4 points above the 2023 weekly average of 78.0.

There were mixed results around the States with Consumer Confidence down in the larger States of NSW, Victoria and Queensland but up in Western Australia and South Australia.

Current financial conditions

  • Now just over a fifth of Australians, 21% (up 2ppts) say their families are ‘better off’ financially than this time last year compared to a slim majority of 52% (unchanged) that say their families are ‘worse off’.

Future financial conditions

  • Looking forward, over a third of Australians, 34% (unchanged), expect their family to be ‘better off’ financially this time next year (the equal highest figure for this indicator for nearly a year since late January 2023) while 31% (down 1ppt), expect to be ‘worse off’ (the lowest figure for this indicator for nearly a year since late January 2023).

Current economic conditions

  • An unchanged 11% of Australians expect ‘good times’ for the Australian economy over the next twelve months (the equal highest figure for this indicator for well over 18 months since April 2022 – just before the RBA first raised interest rates) compared to fewer than a third, 31% (down 1ppt), that expect ‘bad times’ (the lowest figure for this indicator for nearly a year since late January 2023).

Future economic conditions

  • Net sentiment regarding the Australian economy in the longer term has declined this week with 12% (down 3ppts) of Australians expecting ‘good times’ for the economy over the next five years compared to under a fifth, 19% (up 1ppt), expecting ‘bad times’.

Time to buy a major household item

  • Buying intentions were down slightly this week with 24% (down 1ppt) of Australians saying now is a ‘good time to buy’ major household items while a plurality of 47% (up 1ppt), say now is a ‘bad time to buy’.

ANZ Senior Economist, Adelaide Timbrell, commented:

Block Quote

ANZ-Roy Morgan Australian Consumer Confidence retained most of its start-of-January boost, falling just 0.4pts in the week and staying higher than any result between February and December 2023. Confidence about financial conditions and current economic conditions rose, while future economic conditions confidence scaled back after a jump last week. Outright and indebted homeowner confidence is still trending up sharply while renter confidence trends sideways. Rising housing prices may be behind this; we expect capital city housing prices to rise 6% through 2024. We also expect inflation to reduce to just 3.2% y/y by the end of the year, which will help confidence across all cohorts.

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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