Monday, June 17, 2024

Consumer sentiment falls

Consumer sentiment fell from 95.3 points in June to 92.2 points in July, according to the Westpac Melbourne Institute Index of Consumer Sentiment.

Retail Council CEO Anna McPhee said another fall in consumer sentiment in July to its lowest level since December last year is worrying.

“The positive effects of May’s federal budget and the decision by the RBA to lower the official cash rate to a record low of two per cent has not sustained consumer confidence in the months following and these indicators could signal there are more challenges ahead for the retail sector before it can return to long-term average growth of six per cent,” she said.

“While consumers remain relatively positive about it being a good time to buy a major household item, consumers seem particularly concerned about economic conditions over the next 12 months compared to the previous year. This could be influenced this month by recent reports from Greece and China, so the coming months will provide a clearer picture of whether more needs to be done to encourage growth in consumer activity.”

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