Deloitte’s latest weekly economics briefing shows that the Omicron virus has taken a toll on consumer wellbeing in Australia and elsewhere:
The latest data from the tracker (covering January 2022) shows that in Australia, and on a number of fronts, the Omicron variant has taken a short-term toll on consumer wellbeing. Before the arrival of Omicron in November, 55% of Australian consumers were optimistic about their financial position, and that it would improve in three years’ time. Since then, this has fallen to 51% in December before improving marginally to 53% in January, with those aged 18-34 and 55 and older feeling less confident about their financial position.
Inflation is one area of broader concern for consumers. In January 2022, 69% of Australian consumers were concerned about inflationary pressures. Inflation perceptions were relatively high for goods such as clothing, alcohol and tobacco, and groceries, and have all increased since November last year.
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