October 27, 2020

ANZ-Roy Morgan Consumer Confidence increases for eighth straight week, up 1.6pts to 99.7 – up in Sydney, Melbourne & Perth

Topic: Consumer Confidence, Press Release
Finding No: 8545
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ANZ-Roy Morgan Consumer Confidence increased 1.6pts to 99.7 on October 24/25, 2020 and is now 10.7pts lower than a year ago on the comparable weekend of October 26/27, 2019 (110.4) and is now 5.6pts above the 2020 weekly average of 94.1. Consumer Confidence is now at its highest for over six months since March 14/15, 2020 (110.4).

Consumer Confidence has now increased for eight straight weeks and is up 9.5pts since ending August at 90.2. Driving this week’s increase is more confidence about personal financial situations compared to this time a year ago.

Current financial conditions

  • Now 26% (up 2ppts) of Australians say their families are ‘better off’ financially than this time last year and 32% (down 1ppt) say their families are ‘worse off’ financially (the lowest figure for this indicator for over six months since March 14/15, 2020).

Future financial conditions

  • In addition, 35% (unchanged) of Australians expect their family to be ‘better off’ financially this time next year compared to 16% (down 2ppts) that expect to be ‘worse off’ financially.

Current economic conditions

  • An unchanged 9% of Australians expect ‘good times’ for the Australian economy over the next 12 months while 34% (down 2ppts), expect ‘bad times’ (the lowest figure for this indicator for over a year since early October 2019).

Future economic conditions

  • In the longer term, an unchanged fifth (20%) of Australians are expecting ‘good times’ for the Australian economy over the next five years compared to an unchanged 15% expecting ‘bad times’.

Time to buy a major household item

  • A decreasing plurality of Australians, 36% (down 2ppts), say now is a ‘good time to buy’ major household items, while under a third, 31% (down 2ppts), say now is a ‘bad time to buy’ (the lowest figure for this indicator for over four months since June 20/21, 2020).

ANZ Head of Australian Economics, David Plank, commented:

“Amidst falling active COVID-19 case numbers and hopes of a further easing of restrictions, confidence gained for the eighth straight week. Overall sentiment is just below the neutral level and at a six-month high. It remains well below the long run average, however. Sydney and Melbourne are now close to neutral. People remain cautious about the current economic outlook and, consistent with this, are also cautious about their current financial circumstances. This may constrain spending in the near-term. Confidence in future economic and financial conditions is much more positive, however, holding out the prospect of a recovery in spending if the labour market holds up.”

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

Related Findings

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