Consumer Confidence Lifts Ahead of Black Friday Spending Bonanza Weekendon November 23, 2021 at 6:52 am

Australia’s consumer confidence has lifted ahead of Black Friday weekend as vaccination rates rise and restrictions around the nation continue to ease. ANZ-Roy Morgan’s weekly consumer confidence index rose 1.3 percent but remains below the 2021 weekly average. Victoria led the rise, with confidence increasing by 4.9 percent, followed by 2 percent in Western Australia, and 1.7 percent in Queensland. Meanwhile, confidence in New South Wales and South Australia dropped. The boost to consumer confidence before the Black Friday and Cyber Monday period bodes well for business owners, as shoppers are expected to spend $5.4 billion. Inflation expectations also eased, dropping 0.4 percent to 4.6 percent despite petrol prices remaining high. “This indicator can be volatile from week to week, so we are cautious about overreacting to one survey reading,” ANZ head of Australian economics David Plank said. “If the fall in inflation expectations is sustained, however, it may be …

Rebecca Zhu

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