Roy Morgan Research
May 28, 2024

ANZ-Roy Morgan Consumer Confidence decreased 1.8pts to 80.2 as views about the next year deteriorate

Topic: Consumer Confidence
Finding No: 9490

ANZ-Roy Morgan Consumer Confidence dropped 1.8pts to 80.2 this week. Consumer Confidence has now spent a record 69 straight weeks below the mark of 85. Consumer Confidence is now 4 points above the same week a year ago, May 22-28, 2023 (76.2), but 2.1 points below the 2024 weekly average of 82.3.

Looking around the States, there were mixed results, with Consumer Confidence down in NSW, Queensland, WA and SA but up slightly in Victoria – reversing the trends of a week ago.

The two key questions that drove this week’s decline both related to conditions over the next year in terms of personal finances and also Australia’s economic performance over the next year.

Current financial conditions

  • Now just over a fifth of Australians, 22% (up 2ppts), say their families are ‘better off’ financially than this time last year compared to 51% (up 1ppt) that say their families are ‘worse off’.

Future financial conditions

  • Views on personal finances over the next year deteriorated this week, with 31% (down 2ppts) expecting their family to be ‘better off’ financially this time next year while another 35% (up 2ppts) are expecting to be ‘worse off’ (the highest figure for this indicator so far this year).

Short-term economic confidence

  • Under one-in-ten Australians, 8% (down 3ppts) expect ‘good times’ for the Australian economy over the next twelve months compared to just over a third, 35% (up 2ppts), that expect ‘bad times’.

Medium-term economic confidence

  • Net sentiment regarding the Australian economy in the longer term was virtually unchanged this week with 11% (down 1ppt) of Australians expecting ‘good times’ for the economy over the next five years compared to a fifth, 20% (down 2ppts), expecting ‘bad times’.

Time to buy a major household item

  • There was a slight deterioration in net buying intentions this week with just over a fifth, 21% (down 1ppt), of Australians saying now is a ‘good time to buy’ major household items while 51% (up 1ppt), say now is a ‘bad time to buy’.

ANZ Economist, Madeline Dunk, commented:

Block Quote

ANZ-Roy Morgan Australian Consumer Confidence was unable to hold onto the prior week’s gains, with the series falling 1.8pts last week. This takes the level of confidence back to a 2024 low of 80.2pts. While confidence is currently running modestly higher than the series’ 2023 average of 78.0pts, it is more than 30pts below the long-run average. Household confidence in the 12-month outlook for the economy declined by 5.4pts – the largest weekly fall since February 2023. Short term economic confidence is now at its lowest level for 2024. Households were also more wary about the 12-month outlook for their finances, with the subindex falling 4.1pts.

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

For comments or more information please contact:
Roy Morgan - Enquiries
Office: +61 (03) 9224 5309

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
Back to topBack To Top Arrow