Consumer Confidence Yo-Yo
Australians are a confused country of consumers, if the Roy Morgan Weekly Consumer Confidence Rating is anything to go by.
Research from last week showed that there was a 2% drop in Australian consumer confidence about their personal financial situations from the week before, and was 8% lower than the ratings were this time last year. However, it is encouraging to note that since last month, consumer confidence has rose by 3%.
This week, 39% of Australians expect their family to be ‘better off financially’ this next year compared to 22% who expect to be ‘worse off financially’.
Interestingly though, despite falling confidence, an increasing number of Australians (at 59%) feels that now is a good time to purchase major household items.
Gary Morgan, executive chairman of Roy Morgan Research says: “[This] can be explained by looking at the performance of the Australian Dollar in recent weeks. The Australian Day – today at $1.048USD – is now at its highest level since May 1982, more than a year before it was floated in 1983.”