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Consumer Confidence up January 2010

published  First Published: 12/01/2010
Article written by: Nigel Brookson
The Consumer Confidence rating is now 21.7pts higher than a year ago, January 10/11, 2009 (107.2). This is the highest since February 2005 (132.0).
The rise in the weekly Roy Morgan Consumer Confidence Rating has been driven by increasing confidence about buying major household items.
Now 58% (up 2% - and the highest since July 2007) of Australians say ‘now is a good time to buy’ major household items compared to 16% (down 3% - and the lowest since June 2007) that say ‘now is a bad time to buy’ major household items.
 
In the long-term, 48% (unchanged) of Australians expect ‘good times’ economically over the next five years compared to only 11% (down 2%) that expect Australia to have ‘bad times.’
 
Of Australians, 47% (unchanged) say we’ll have ‘good times’ financially in the next 12 months compared to just 16% (down 1%) that say we’ll have ‘bad times’ financially.
 
In terms of personal finances, now 46% (down 1%) of Australians expect their family to be ‘better off financially’ this time next year compared to 13% (unchanged) of Australians that expect their family to be ‘worse off financially.’
Compared to a year ago 32% (unchanged) of Australians say their family is ‘better off financially’ while 31% (up 3%) of Australians say their family is ‘worse off financially.’
 
Gary Morgan says:
“The weekly Roy Morgan Consumer Confidence Rating has continued its strong start to 2010, up 1.1pts to 128.9 — its highest for nearly five years since reaching 132.0 in February 2005 (The second highest Australian Consumer Confidence result recorded).
“The greatest contributor to the increasing Consumer Confidence is an increase in Australians saying ‘now is a good time to buy major household items’ — up 2% to 58% and the highest since July 2007 — the month that financial problems in the US housing market began what became known as the Global Financial Crisis (GFC).
 
“Consecutive rises in Consumer Confidence to start the New Year indicate Australians believe the worst of the global recession of 2009 is behind us — only 16% of Australians expect ‘bad times’ in the next 12 months and only 11% are worried about ‘bad times’ over the next five years for Australia.”
 

 

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