Consumer confidence increased 1.5 per cent last week, driven primarily by the boost in confidence in financial conditions. The rest of the subindices registered mixed results.
‘Current financial conditions’ rose by 4.6 per cent, with only 23 per cent of responders voting that they are ‘worse off’ financially than this time last year. This is the lowest figure for this indicator since February 2020. ‘Future financial conditions’ were up 3.3 per cent.
In contrast, ‘current economic conditions’ fell by 0.8 per cent. However, ‘future economic conditions’ gained 1.9 per cent.
‘Time to buy a major household item’ declined 0.7 per cent. ‘Weekly inflation expectations’ increased by 0.1ppt to 3.7 per cent, keeping the four-week moving average steady at 3.7 per cent.