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‘Now is a good time to buy major items’: consumer survey
Australian consumer confidence is continuing to grow, with the majority now saying it’s a good time to spend, new research has revealed.
‘Now is a good time to buy major items’: consumer survey
Australian consumer confidence is continuing to grow, with the majority now saying it’s a good time to spend, new research has revealed.
Survey results collated by ANZ and Roy Morgan have found that 43 per cent of respondents now believe it’s a “good time to buy major household items”, the highest figure for nearly 10 months.
In comparison, only one in four respondents now thinks it is a “bad time to buy”.
Overall consumer confidence has reached an 18-month high, with the weekly ANZ-Roy Morgan consumer confidence index rising by 1.7 per cent over the weekend to mark its second consecutive gain.
ANZ head of Australian economics, David Plank, pointed out that consumer confidence rose this week due to the perception of Australia’s economic and financial prospects continuing to improve.
“The GDP release last week suggests that the economy is set for an earlier than expected return to pre-COVID levels, something that would have buoyed sentiment,” he said.
With consumers continuing to feel confident, Mr Plank said it could be a good time for retailers in the lead-up to Christmas.
“We believe that this bodes well for year-end spending,” he said.
The ANZ-Roy Morgan’s survey coincides with NAB’s monthly business survey, which showed a nine-point jump in confidence in November, taking it to its highest level since 2018.
According to NAB Group chief economist Alan Oster, it was encouraging to see business confidence grow in November despite Victorian lockdowns.
“Conditions also saw gains and, importantly, this was evident across most states,” he said.
“However, the employment index did not see a further improvement and remains in negative territory. So, while activity is picking up as the economy reopens, businesses are yet to move back into hiring mode,” Mr Oster explained.
The economist pointed out the economic recovery cannot truly get underway until employment picks back up, with businesses yet to increase staff levels.
“Businesses’ appetite to hire workers and undertake new investments will be crucial to the economy’s recovery going forward, as the initial bounce in activity – and any pent-up demand – fades,” Mr Oster concluded.
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