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ANZ Consumer Sentiment Suggests Consumer May Be More Resilient

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The ANZ-Roy Morgan measure of consumer confidence rose 0.9 points in the week ending January 29 to bring the 4-week average to its highest since June 2022. It has now risen 3 of the 4 weeks recorded for January and while still depressed appears to have troughed, suggesting that consumers may be proving more resilient than expected in the face of rising rates and cost-of-living.

  • Inflation expectations fell to 5.1% from 5.7% bringing the 4-week average to its lowest since end September. It is worth noting that national petrol prices fell in the survey week for the third consecutive week, which likely helped to reduce inflation expectations despite last week’s elevated inflation report.
  • The improvement in confidence was broad-based with 4 of the 5 components rising and only “current economic conditions” down.
  • “Time to buy a major household item” rose 1.4 points after falling 4.7 points over the previous two weeks.
ANZ/Roy Morgan consumer sentiment

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The ANZ-Roy Morgan measure of consumer confidence rose 0.9 points in the week ending January 29 to bring the 4-week average to its highest since June 2022. It has now risen 3 of the 4 weeks recorded for January and while still depressed appears to have troughed, suggesting that consumers may be proving more resilient than expected in the face of rising rates and cost-of-living.

  • Inflation expectations fell to 5.1% from 5.7% bringing the 4-week average to its lowest since end September. It is worth noting that national petrol prices fell in the survey week for the third consecutive week, which likely helped to reduce inflation expectations despite last week’s elevated inflation report.
  • The improvement in confidence was broad-based with 4 of the 5 components rising and only “current economic conditions” down.
  • “Time to buy a major household item” rose 1.4 points after falling 4.7 points over the previous two weeks.
ANZ/Roy Morgan consumer sentiment

Keep reading...Show less