Consumer confidence declines post sales

Consumer confidence fell 2.9 points last week to 85.5 points. The four-week moving average decreased 0.3 points to 86.6 points.

‘Weekly inflation expectations’ fell 0.3 percentage point to 4.5 per cent, while the four-week moving average declined 0.1 percentage point to 4.8 per cent.

‘Current financial conditions’ (over the last year) fell by 3.9 points and ‘future financial conditions’ (next 12 months) declined by 5.4 points.

‘Short-term economic confidence’ (next 12 months) decreased 2.0 points, while ‘medium-term economic confidence’ (next five years) eased 2.3 points.

The ‘time to buy a major household item’ subindex fell 2.7 points.

"Consumer Confidence declined 2.9 points last week, following the release of the softer-than-expected Q3 GDP data and the end of Black Friday related sales," ANZ Economist, Madeline Dunk said.

"The biggest falls were in households’ confidence in their financial conditions, especially over the next 12 months.

"The ‘time to buy a major household item’ subindex declined 2.7 points following the conclusion of Black Friday sales events.

"That said, the subindex is still at its second strongest level since May 2022.

"After picking up a few weeks ago, inflation expectations have eased 0.5 percentage point over the past fortnight to 4.5 per cent. Inflation expectations have not been below 4.5 per cent since August 2021."

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