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ANZ-Roy Morgan Consumer Confidence drops 4.5 pts to 93.0 after COVID-19 cases surge in Melbourne
June 29 2020
- Finding No.
Consumer Confidence Press Release
This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,410 online and telephone interviews conducted Australia-wide with men and women aged 14 and over the weekend June 27/28, 2020.
ANZ-Roy Morgan Consumer Confidence dropped 4.5pts to 93.0 this week – and is now at its lowest for over a month since May 23/24, 2020 (92.7). Consumer Confidence is now 25.9pts lower than a year ago on the comparable weekend of June 29/30, 2019 (118.9) and 2.1pts below the 2020 weekly average of 95.1.
There were small declines across all five questions but driving the fall was a decline in confidence about the Australian economy over the next year and next five years.
Current financial conditions
Future financial conditions
Current economic conditions
Future financial conditions
Time to buy a major household item
Meanwhile a decreasing number of Australians, 36% (down 2ppts), say now is a ‘good time to buy’ major household items, while 34% (up 3ppts), say now is a ‘bad time to buy’.
The four-week moving average for ‘inflation expectations’ was stable at 3.2%.
ANZ Senior Economist, Catherine Birch, commented:
"The surge in COVID-19 cases in Victoria has dented consumer confidence, which dropped 4.6% last week. This was the largest fall since late-March, when national new daily cases peaked. Confidence in ‘current economic conditions’ fell sharply, suggesting that households are worried about the prospect of a return to tighter lockdowns and the impact of a second wave on the economy. Confidence around ‘financial conditions’ fell too and we are already seeing Victorians pull back on spending in the latest ANZ data. Unfortunately, new daily cases in Victoria jumped to 75 on Monday, the state’s fourth-highest daily total since the pandemic began. This a worrying sign for confidence and a setback for the recovery."
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Related Research Reports
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
Consumer Confidence – Monthly Detailed Report in Australia.
Business Confidence – Monthly Detailed Report in Australia.
Consumer Banking Satisfaction - Monthly Report in Australia.
You can also view our monitor of Monthly Australian Unemployment & Under-employment Estimates
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