Roy Morgan Research
April 26, 2023

ANZ-Roy Morgan Consumer Confidence up 0.8pts to 78.0 and has now spent a record eight straight weeks below 80

Topic: Consumer Confidence
Finding No: 9215
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ANZ-Roy Morgan Consumer Confidence was up 0.8pts to 78.0 this week and has now spent eight straight weeks below the mark of 80 – the longest stretch below 80 since the index began being conducted on a weekly basis in October 2008. The last time Consumer Confidence spent at least eight weeks under 80 was during the 1990-91 recession when the index was conducted on a monthly basis.

Consumer Confidence is now 18.5pts below the same week a year ago, April 18-24, 2022 (96.5) and 2.8pts below the 2023 weekly average of 80.8. Consumer Confidence was mixed around the States with increases in Victoria, Western Australia and South Australia, but down in NSW and Queensland.

The driver of this week’s increase was more confidence that now is a ‘good time to buy’ major household items and slight improvements in relation to personal financial situations.

Current financial conditions

  • Now 19% of Australians (up 1ppt) say their families are ‘better off’ financially than this time last year compared to 50% (unchanged) that say their families are ‘worse off’ financially.

Future financial conditions

  • Looking forward, under a third of Australians, 30% (unchanged), expect their family to be ‘better off’ financially this time next year while over a third, 35% (down 1ppt), expect to be ‘worse off’.

Current economic conditions

  • Only 7% (up 1ppt) of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to over a third, 38% (up 2ppts), that expect ‘bad times’.

Future economic conditions

  • Sentiment regarding the Australian economy in the longer term remains very weak with only 11% (down 1ppt) of Australians expecting ‘good times’ for the economy over the next five years compared to 23% (up 2ppts) expecting ‘bad times’ (the highest figure for this indicator for nearly three years since August 2020).

Time to buy a major household item

  • When it comes to buying intentions now 20% (up 2ppts) of Australians, say now is a ‘good time to buy’ major household items while over half, 51% (down 4ppts), say now is a ‘bad time to buy’.

ANZ Senior Economist, Adelaide Timbrell, commented:

Block Quote

“ANZ-Roy Morgan Consumer Confidence remained below 80 for the eighth week in a row. This streak represents more weeks of confidence being below 80 than over the whole of 2020–22, revealing the effects of ongoing inflation and the adjustment to restrictive monetary policy. All housing cohorts now have confidence below 80 for the first time since mid-March, after the RBA’s most recent rate hike. Financial confidence was up a little compared to last week, while economic confidence was down. The ‘time to buy a major household item’ sub-index jumped 5.6pts but remained below 70 for an 11th week.”

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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