Australia: Consumer sentiment drops in November
November 9, 2022
The Westpac-Melbourne Institute consumer sentiment index decreased to 80.0 in November from 83.7 in October. Therefore, sentiment moved further below the 100-mark, indicating that there were more pessimists than optimists among Australian consumers.
November’s drop came on the back of deteriorated households’ expectations over the economy in the next 12 months and five years. Moreover, expectations over family finances in the next 12 months weakened. On top of this, willingness to buy major household items weakened.
FocusEconomics panelists are still assessing the latest developments.