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Roy Morgan’s consumer confidence survey rose for the second consecutive week, lifting 1.0% on the back of a sharp 9.2% rebound in the “Time to buy a major household item” sub-index ahead of the Black Friday sales period:
Below are the key movements:
- Consumer confidence gained 1%, its second consecutive weekly gain. Among the mainland states, confidence declined in NSW and Queensland, while it increased in Victoria, SA, and WA.
- “Weekly inflation expectations” dropped 0.2ppt to 6.3%, while its fourweek moving average rose 0.1ppt to 6.6%.
- Three of the five sub-indices declined. “Current financial conditions” fell 3.6%, dropping to its lowest since the start of the pandemic in late March 2020. ‘Future financial conditions’ lost 2.2% after a 4.9% gain the week before.
- “Current economic conditions” dropped 2.5%, after an 8.5% jump the week before. ‘Future economic conditions’ gained 4%.
- “Time to buy a major household item” rebounded 9.2%, after a cumulative decline of 13% over the previous six weeks.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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