Roy Morgan Research
March 05, 2024

ANZ-Roy Morgan Consumer Confidence Down 2.2pts to 81.0 in early March – lowest since early December 2023

Topic: Consumer Confidence
Finding No: 9430
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ANZ-Roy Morgan Consumer Confidence was down 2.2 points to 81.0 this week – the lowest the indicator has been all year. The index has now spent a record 57 straight weeks below the mark of 85. Consumer Confidence is now 1.1 points above the same week a year ago, February 27 – March 5, 2023 (79.9), but 2.3 points below the 2024 weekly average of 83.3.

There were no bright spots around the States with Consumer Confidence virtually unchanged in the largest States of New South Wales, Victoria, and Queensland, and down in WA and SA.

Current financial conditions

  • Now under a fifth of Australians, 19% (down 1ppt) say their families are ‘better off’ financially than this time last year compared to a rising majority of 55% (up 2ppts) that say their families are ‘worse off’.

Future financial conditions

  • Views on personal finances over the next year are evenly balanced with a third of Australians, 33% (unchanged), expecting their family to be ‘better off’ financially this time next year while slightly more, 34% (up 2ppts), expect to be ‘worse off’.

Short-term economic confidence

  • Just over one-in-ten Australians, 11% (up 1ppt) expect ‘good times’ for the Australian economy over the next twelve months compared to nearly a third, 32% (up 3ppts), that expect ‘bad times’.

Medium-term economic confidence

  • Net sentiment regarding the Australian economy in the longer term deteriorated slightly this week with 12% (down 1ppt) of Australians expecting ‘good times’ for the economy over the next five years compared to a fifth, 20% (up 2ppts), expecting ‘bad times’.

Time to buy a major household item

  • Buying intentions were virtually unchanged this week with 21% (up 1ppt) of Australians saying now is a ‘good time to buy’ major household items while 50% (up 2ppts), say now is a ‘bad time to buy’.

ANZ Senior Economist, Adelaide Timbrell, commented:

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ANZ-Roy Morgan Australian Consumer Confidence fell to its lowest level this year so far. Weak retail sales results may have dampened optimism about the future of the economy, while the monthly CPI indicator, which came in lower than expected at 3.4% y/y, may have influenced the moderation in inflation expectations. Inflation expectations fell back to their equal-lowest result since early February 2022. This has occurred three times: once in September 2023 and twice in February 2024). Confidence among those paying off their homes is still trending up, but renter and outright owner confidence is down.

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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