Now is still good time to buy: consumers

Now is still good time to buy: consumers

conconf-340x246Households still feel better off financially compared to a year ago (+9 from +10 in September), in the latest ANZ/Roy Morgan consumer confidence survey.

This has consistently been in positive territory for a year now – the best run since the onset of the global financial crisis in 2008.

And in good news for vehicle sales, consumers say it’s still a great time to buy a major household item, improving marginally to +40 from +38.

  • Key points from the survey:
    Consumer confidence dropped to a 12-month low in October.
    Current conditions remain cheery but expected economic conditions in five years’ time have lost some shine, albeit from high levels.
  • A drop in consumer confidence was felt in most pockets of the economy, but the level of optimism still portends strong economic growth.
  • While the Consumer Confidence Index dropped 4 points from 127.7 in September to 123.4 in October, it remains well above the long-term average of 118.8.

Encouragingly, the ‘current conditions’ index inched up for the second consecutive month to 124.4. The ‘future conditions’ index, on the other hand, slipped 7 points to a 13-month low.

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