Australian Consumer Sentiment Continues to Decline in January
Jan 14, 2025

Australian Consumer Sentiment Continues to Decline in January

In a recent survey by Westpac-Melbourne Institute, Australian consumer sentiment recorded a decline for the second consecutive month, as reported by Yahoo Finance. The data highlights ongoing financial stress among consumers, forecasting subdued spending in the imminent future.

The consumer sentiment index fell by 0.7% in January from December, following a 2.0% drop the previous month. Despite being 13.8% higher than figures from the previous year, the index at 92.1 indicates a persistent predominance of pessimism among consumers.

This trend could provide some reassurance to the Reserve Bank of Australia, indicating that consumers are unlikely to engage in excessive spending that could fuel inflation. Therefore, there may be progress towards monetary easing in the coming months.

The main deterrent, as the survey reveals, is the poor evaluation of family finances compared to the previous year, which plunged by 7.8% to 77.7 in December. This comes as high mortgage rates overshadow any benefits anticipated from scheduled tax cuts in 2024. In contrast, the outlook appears brighter with a 1.1% rise in the index of family finances for the next year to 104.4, signaling a majority of optimism.

Westpac chief economist Luci Ellis noted that while the consumer mood has been negative for consecutive months, it remains less severe than a year ago, and some components of the survey indicate ongoing improvements.

The survey further shows that the consumers' measure of the economic outlook for the next 12 months remained unchanged, while expectations for the next five years increased slightly by 0.7%. Additionally, the measure of whether it is a good time to purchase major household items increased by 1.8%, although historically it remains low at 90.8.

Source: IndexBox Market Intelligence Platform

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS
  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030
  4. 4. MOST PROMISING PRODUCT

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    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
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  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

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    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
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    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
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  7. 7. GLOBAL PRODUCTION

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    1. PRODUCTION VOLUME AND VALUE
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  8. 8. GLOBAL IMPORTS

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    1. IMPORTS FROM 2012–2024
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  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2024
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    3. EXPORT PRICES BY COUNTRY
  10. 10. PROFILES OF MAJOR PRODUCERS

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  11. 11. COUNTRY PROFILES

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    • United States
    • China
    • Japan
    • Germany
    • United Kingdom
    • France
    • Brazil
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    • Russian Federation
    • India
    • Canada
    • Australia
    • Republic of Korea
    • Spain
    • Mexico
    • Indonesia
    • Netherlands
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    • Saudi Arabia
    • Switzerland
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    • Nigeria
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    • Pakistan
    • Greece
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    • Algeria
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    • Qatar
    • Peru
    • Romania
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  12. LIST OF TABLES

    1. Key Findings In 2024
    2. Market Volume, In Physical Terms, 2012–2024
    3. Market Value, 2012–2024
    4. Per Capita Consumption, By Country, 2018–2024
    5. Production, In Physical Terms, By Country, 2012–2024
    6. Imports, In Physical Terms, By Country, 2012–2024
    7. Imports, In Value Terms, By Country, 2012–2024
    8. Import Prices, By Country Of Destination, 2012–2024
    9. Exports, In Physical Terms, By Country, 2012–2024
    10. Exports, In Value Terms, By Country, 2012–2024
    11. Export Prices, By Country Of Origin, 2012–2024
  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2024
    2. Market Value, 2012–2024
    3. Consumption, By Country, 2024
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2024
    18. Production, In Value Terms, 2012–2024
    19. Production, By Country, 2024
    20. Production, In Physical Terms, By Country, 2012–2024
    21. Imports, In Physical Terms, 2012–2024
    22. Imports, In Value Terms, 2012–2024
    23. Imports, In Physical Terms, By Country, 2024
    24. Imports, In Physical Terms, By Country, 2012–2024
    25. Imports, In Value Terms, By Country, 2012–2024
    26. Import Prices, By Country, 2012–2024
    27. Exports, In Physical Terms, 2012–2024
    28. Exports, In Value Terms, 2012–2024
    29. Exports, In Physical Terms, By Country, 2024
    30. Exports, In Physical Terms, By Country, 2012–2024
    31. Exports, In Value Terms, By Country, 2012–2024
    32. Export Prices, 2012–2024

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