Roy Morgan consumer confidence steady

From Roy Morgan today:

Consumer Confidence is at 108.3pts (up 0.1pts in a week) according to the Roy Morgan Consumer Confidence Rating conducted last weekend (May 26/27, 2012). Consumer Confidence is now 4.4pts lower than a year ago May 28/29, 2011 (112.7).

Australians have gained a little confidence over the past week about their personal finances over the next 12 months with 36% (up 1%) saying they expect their family to be ‘better off’ financially while 24% (down 1%) expect to be ‘worse off’.

Now 28% (down 1%) of Australians say their family is ‘better off’ financially compared to a year ago while 34% (up 3%) say their family is ‘worse off’ financially.

An increasing majority of Australians 54% (up 1%) say now is a ‘good time to buy’ major household items while 20% of Australians (unchanged) say now is a ‘bad time to buy’ major household items.

An unchanged 32% of Australians expect Australia’s economy to have ‘good times’ economically over the next five years compared to 23% (down 1%) that expect ‘bad times’.

Australians confidence is unchanged about Australia’s economy over the next twelve months with 27% (down 1%) of Australians expecting ‘good times’ economically over the next twelve months compared to 35% (down 1%) that expect Australia to have ‘bad times’.

Houses and Holes
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  1. Their gain in confidence is at odds with the likely reality. Roughly 65% own (or are paying off) a house that is likely to be worth 5% less in 12 months, a similar decline as the past 12 months, in which case aggregate household net worth is likely to be lower and therefore they are likely to be worse off financially.

  2. Confidence vs reality…

    Real net worth per household is estimated to have fallen by 6½ per cent over 2011, to be 11½ per cent below
    its 2007 peak (Graph 3.2). This contrasts with the rapid trend expansion in this series over the decade to 2007 when average annual growth was 6½ per cent. Recently, the weakness in household wealth has been driven by dwelling prices, which were down
    about 4 per cent on an average nationwide basis over the year to December 2011