Roy Morgan consumer confidence retraces

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From Roy Morgan:

The weekly Morgan Consumer Confidence Rating shows Consumer Confidence falling to 119.9pts (down 4.1pts since January 12/13, 2013). Consumer Confidence is now 2.6pts higher than at the same time a year ago, January 21/22, 2012 — 117.3.

The fall in Consumer Confidence has been driven by a decrease in confidence in all components of the survey except respondents’ confidence regarding their personal finances compared to this time last year with 32% (unchanged) of Australians saying their family is ‘better off’ financially compared to a year ago while 25% (down 3% – the lowest since October 23/24, 2010) say their family is ‘worse off’ financially.

A smaller majority of 59% (down 4%) of Australians say now is a ‘good time to buy’ major household items compared to just 15% (up 3%) that say now is a ‘bad time to buy’ major household items.

Now 36% (down 4%) of Australians expect ‘good times’ for the Australian economy over the next five years compared to 18% (up 2%) that expect Australia to have ‘bad times’ economically.

Australians are also less positive about their personal finances over the next 12 months with 41% (down 4%) saying they expect their family to be ‘better off’ financially while 14% (up 1%) expect to be ‘worse off’ financially.

Still a decent up-trend.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.