Consumer confidence has picked up slightly in October, rising 0.9% to 94.8, but there are still more pessimists about the economy than optimists, according to the latest Westpac/Melbourne Institute consumer sentiment report.
The index rose 0.9% in October from 94.0 in September to 94.8 in October.
Anna McPhee, CEO of the Australian National Retailers’ Association (ANRA), says the latest results showed uncertainty is hindering a recovery in consumer confidence, as consumers remain pessimistic about the future.
“Since the Federal Budget in May consumer confidence has stalled. Softer employment prospects and economic outlook continue to hold back significant improvements in sentiment. It is also likely the volatility of global financial markets and the falling Australian dollar would have contributed to October’s soft result.”
McPhee says indications this month that consumers are feeling slightly more confident about job security and employment prospects will assist incremental improvements in consumer sentiment over the long term.
“It’s gratifying to see improvements in forward looking indicators this month, such as ‘family finances vs a year ago’ (up 4.4%) and ‘family finances next 12 months’ (up 1.2%). Despite today’s static results, retailers will see the minor improvement of consumer sentiment, albeit in pessimistic territory, as an indication shoppers are beginning to feel more confident.
“It is important to note that retail sales are on a positive trajectory according to the ABS, and are continuing to track in the sustainable direction. Retailers are hopeful this sustainable upturn continues in order to meet the sector’s expectations to deliver six per cent year on-year growth by the end of the year,” McPhee says.
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
Snapchat has been betting big on Augmented Reality’s (AR) retail future consideringJune 22, 2021 | By Jibran Chouguley
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Extravagant, conceptual, great food and views are some of the ways that
Abu Dhabi’s state investment company ADQ is in talks to invest about $500 million
The once powerful department stores that anchored malls and streets around the
Who isn’t a sucker for discounts? Customers today are spoiled for choice
The various e-commerce and virtual retail stores that cater to different product
A private helicopter carrying the chairman and managing director of Lulu Group,
Tighter restrictions on hotels, restaurants, shopping malls and entertainment venues on account of
All hotels and restaurants have been directed to temporarily hold entertainment activities
The new Dubai Gold Souk is “very much on track”, according to
Gone are the days of traditional brick-and-mortar as well as purely e-commerce
The Dubai Gold & Jewellery Group’s ongoing jewellery campaign, held in association