Australia: Consumer sentiment falls in May
May 23, 2022
The Westpac-Melbourne Institute consumer sentiment index decreased to 90.4 in May from 95.8 in April, marking the lowest reading since August 2020. Therefore, sentiment moved further below the 100-mark, indicating that there were more pessimists than optimists among Australian consumers.
May’s drop came on the back of deteriorated households’ willingness to buy major household items as well as worsened expectations of family finances in the next 12 months. Moreover, expectations over the economy in the next 12 months and five years deteriorated.
FocusEconomics panelists are still assessing the latest developments.