The Australian Economic Climate may be all gloom and doom, but that has not dulled the Australian spirit. The ANZ-Roy Morgan Australian Consumer Confidence index jumped 4.0 per cent from the previous week.
The economy has been going through a rough patch with retails, manufacturing and other industries being direly affected, but the people, the consumers are optimistic that the days are not here to stay. They show this hint of positivity in the face of their own failing finances. The index studies the perception of the country’s economic situation as viewed and understood by the consumers.
A comparative analysis clearly showed that, the digits have risen after witnessing a severe fall in the last three readings. The results are based on about 1,000 face-to-face interviews and play out of contradictory stories, reversal of last week’s figures that indicated consumers were gloomy about the economy at large but upbeat about their own financial situation. The index is presently enjoying a peak period with 13.3%.
The study gives an insight into the Australian consumer’s mindset in the dwindling economy, their preferences and changing mental landscape in receiving and adjusting to changing times. The dampened consumer market, slowly picking up, with a 3.2 per cent gain in the “time to buy a major household item” metric. Consumer expectations of inflation slumped to 3.7 per cent in the poll released on Tuesday from 4.3 per cent in the previous week.
What this means for the economy or if the consumer spirit will match the survey’s expectations, will need further examination.