Consumer confidence up year-on-year
According to Roy Morgan, consumer confidence is at 124.9, up 3.7 points week on week and 27.7 points in the past six months.
The current rating means consumer confidence is up 23.7 points from September 2008. Roy Morgan asserts the upswing is a result of positive consumer belief for Australia in the long and short-term. In the long-term, 50% (up 2%) of Australian expect ‘good times’ economically for the next five years, juxtaposed with only 10% expecting ‘bad times’
Short-term, 43% (up 4%) believe we’ll have good financial times for the next 12 months. Conversely, 19% say we will experience ‘bad times’. This figure, down 1%, is the lowest since December 2007.
Australians expecting their family to be ‘better off financially’ this time next year have risen 1%, to 42%. Correspondingly, Australians expecting to be worse off this time next year dropped 1%, to 12%.
“Significant for Australia’s important retail sector is the strengthening of the ‘buying major household items’ indicator with 50% (up 2%) of Australians saying now is a ‘good time to buy’ and only 18% (down 5% to its lowest level for two years, since October 2007) saying now is a ‘bad time to buy’ major household items,” said Gary Morgan, executive chairman, Roy Morgan.