Consumer confidence hits highest since May 2022
Make us a preferred source
Make us a preferred source on Google
The news: Consumer confidence has lifted to its highest level in nearly two-and-a-half years as households’ weekly inflation expectations dropped, and confidence in both financial and economic conditions increased.
The numbers: The ANZ-Roy Morgan Australian Consumer Confidence index rose 2.7 points to 88.4 points in the week to 1 December, its highest level since May 2022.
The context: The report saw an increase in confidence across most subindices. The ‘time to buy a major household item’ subindex jumped 7.5 points on the back of Black Friday related sales — its biggest rise since Black Friday sales in 2023.
Weekly inflation expectations dropped 0.2 points to 4.8% last week after the monthly consumer price index showed headline inflation eased to 2.1% in October, within the Reserve Bank’s 2% to 3% target band.
The ‘current financial conditions’ index rose 0.9 points, while the ‘future financial conditions’ index lifted 4 points.
Households’ economic outlook over the next year declined 0.8 points, but is still within the narrow range of 77 to 83 since October.
The source: ANZ Research
