ANZ-Roy Morgan Consumer Confidence was down by 0.7pts to 111.4 on February 6/7, 2021. However Consumer Confidence is still 0.9pts above the 2021 weekly average of 110.5 and is 3.6pts higher than the same week a year ago, February 8/9, 2020 (107.8).
- Now 26% (down 3ppts) of Australians say their families are ‘better off’ financially than this time last year and 28% (up 1ppt), say their families are ‘worse off’ financially.
Future financial conditions
- In addition, 40% (down 2ppts) of Australians expect their family to be ‘better off’ financially this time next year compared to 13% (up 1ppt) that expect to be ‘worse off’ financially.
Current economic conditions
- However, an increasing proportion of Australians, 20% (up 3ppts), expect ‘good times’ for the Australian economy over the next 12 months (the highest figure for this indicator for nearly a year since early March 2020) while 19% (up 1ppt), expect ‘bad times’.
Future economic conditions
- In the longer term, over a quarter of Australians, 27% (up 2ppts), are expecting ‘good times’ for the economy over the next five years compared to only 13% (up 1ppt) expecting ‘bad times’.
Time to buy a major household item
- An increasing plurality of Australians, 43% (up 1ppt), say now is a ‘good time to buy’ major household items, while only 26% (up 1ppt), say now is a ‘bad time to buy’.
ANZ Head of Australian Economics, David Plank, commented:
“Consumer confidence is consolidating close to its long-run average. This solidifies the recovery from 2020. Any meaningful breakout from here on will have to be on back of strong news/developments. The vaccine rollout in Australia could be the next big trigger, with a successful program possibly propelling sentiment much higher. Of course, difficulties in providing vaccine coverage could have the opposite effect.
Source: Roy Morgan
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