Despite a dip in consumer confidence this week, the positive long-term outlook on financial wellness is increasing, according to research from Roy Morgan.
Data collected by Roy Morgan from 1,000 face-to-face interviews last weekend revealed that most consumers were recording lower than expected levels of consumer confidence.
ANZ senior economist, Jo Masters, said: “The fall in customers’ views toward current economic trends is a little disappointing given the solid run of domestic data last week.”
Despite this, consumers were more positive about the longer term outlook than expected, with views toward future finance rising 0.7 per cent.
“Consumer’s views toward current and future financial conditions remain above their long-term trend,” Masters said.
“[This] suggests that above trend consumer confidence may be translating into strong spending.”
Masters said that the dip in consumer confidence was fuelled by a 0.6 per cent fall in positive views on current finances, with a 0.8 per cent slip in the level of respondents affirming the current time period appropriate to spend up on new household items.
Masters said that positivity toward the future was a good focus for consumer’s moving forward.
“Importantly, consumers’ views towards…future financial conditions remain above their long-term trend,” she said.
“[This] is reflecting strength in the housing market, accommodative monetary conditions, and ongoing employment growth.”
