The majority of Australian households say now is a bad time to make major purchases, according to a major consumer confidence survey.
Consumer confidence fell to 119.9 points, down 4.1 since January 12/13, 2013), according to the latest Roy Morgan poll.
However, confidence is now 2.6 points higher than at the same time a year ago, 21/22 January 2012 — 117.3.
Every area of confidence included in the survey recorded a fall, except respondents’ confidence regarding their personal finances compared to this time last year with 32% (unchanged) of Australians saying their family is ‘better off’ financially compared to a year ago while 25% (down 3% – the lowest since 23/24 October 2010) say their family is ‘worse off’ financially.
A smaller majority of 59% (down 4%) of Australians say now is a ‘good time to buy’ major household items compared to just 15% (up 3%) that say now is a ‘bad time to buy’ major household items.
Now 36% (down 4%) of Australians expect ‘good times’ for the Australian economy over the next five years compared to 18% (up 2%) that expect Australia to have ‘bad times’ economically.
Australians are also less positive about their personal finances over the next 12 months with 41% (down 4%) saying they expect their family to be ‘better off’ financially while 14% (up 1%) expect to be ‘worse off’ financially.
Only 31% (down 3%) of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to 28% (up 3%) that expect ‘bad times’ economically.
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