This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,019 face-to-face interviews conducted Australia-wide with men and women aged 14 and over last weekend January 7/8, 2017.
ANZ-Roy Morgan Australian Consumer Confidence jumped a sharp 5.9% to 120.1 this week, more than reversing the decline in the last survey conducted in mid-December (post the surprisingly weak GDP reading). The headline index is now at its highest level in 15 weeks. The details were broadly upbeat, with views on ‘economic conditions over the next 12 months’ and ‘now is a good time to buy a household item’ leading the gains.
ANZ Senior Economist Jo Masters commented:
- Households’ views of economic conditions over the next 12 months bounced a solid 11.2%, almost entirely reversing last month’s decline. Household views of the economic outlook in the next five years rose 2.2%.
- Households’ views towards their finances compared to a year ago rose 3.0% and now sits at the highest level since the end of September 2016, when the index reached a post-GFC high. Households’ views towards their future finances also improved, up 3.5% last week, and are in a strong upward trend.
- Household views on whether ‘now is a good time to buy a household item’ bounced a solid 10.1%, more than reversing last month’s decline.
“Last week’s solid rebound in ANZ-Roy Morgan Australian Consumer Confidence – after the post-GDP plunge – suggests an upbeat start to 2017 for households. While consumers tend to be more optimistic in January, likely due to the holiday season, it is a positive sign for the economy that households are particularly upbeat about their current financial situation. This index is a reasonable indicator of consumer spending, suggesting a solid Christmas and holiday spending period is underway.
"A rebound in consumer spending is important to support economic growth, particularly given that the housing construction cycle looks to be peaking. While weak wage growth remains an issue for household incomes, it is encouraging that households’ views on future finances are in a strong upward trend, likely supported by a solid labour market and rising house prices.”
Click here to view the PDF of the latest ANZ-Roy Morgan Weekly Consumer Confidence Release.
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The latest Roy Morgan Consumer Confidence Monthly Report is available on the Roy Morgan Online Store. It provides demographic breakdowns for Age, Sex, State, Region (Capital Cities/ Country), Generations, Lifecycle, Socio-Economic Scale, Work Status, Occupation, Home Ownership, Voting Intention, Roy Morgan Value Segments and more.
You can also view our monitor of Monthly Australian Unemployment & Under-employment Estimates.
The week that was January 2-8, 2017
NZ Prime Minister John Key resigns in shock announcement
Share market starts 2017 with strong gain
MH370 search to end in two weeks: official
Australia posts first trade surplus since March 2014
Ley bought $800k unit from LNP donor on taxpayer-funded trip
Payne denies Australia recruiting 'agents of influence' from Indonesian military
Australia's largest Islamic school loses federal funding after unsuccessful appeal
Last year was a year of extreme weather events; wetter than average overall, and the fourth-warmest on record for Australia, according to the Bureau of Meteorology's Annual Climate Statement released today
Japan is grappling with the question of whether to restart its idle nuclear reactors to meet future energy needs, nearly six years after the Fukushima disaster
Capital city home prices surge nearly 11pc in 2016
Indonesia suspends all military cooperation with Australia