July 16, 2024

NAB Consumer Sentiment Survey Q2 2024

Consumer stress rising again

Consumer stress is rising again with sentiment fragile as consumers struggle with a lack of clarity over the path ahead. Cost of living remains the key worry, but it is job security that is adding most to the uplift in concern. The share of consumers reporting higher prices eased a little further with groceries, utilities, transport & eating out, top of mind for most Australians. While expectations for further increases in cost of living have become entrenched, consumers continue to adjust to these recurring challenges by taking greater control of household budgets, cutting spending in most areas. The top 4 (eating out, treats, entertainment & car travel) are saving consumers on average $320 a month or $3,840 a year if continued.  6 in 10 used cutbacks for day to day living expenses, 4 in 10 topped up savings or offset accounts, and 1 in 5 paid down their mortgage or other debt. Discounters continue to be viewed most favourably, with 8 in 10 consumers identifying price as the factor they value most.