Consumer Confidence increased by 1.4pts to 107.0 this week with Sydney and Melbourne lockdowns coming to an end, however, Consumer Confidence is still below the 2021 weekly average of 108.3. It is now 8.9 points higher than the same week a year ago.
Looking at State Consumer Confidence, Sydney increased following the end of the lockdown as well as Melbourne with the news of lockdown easing. Driving this week’s increase was increasing confidence about the year ahead with more Australians expecting to be ‘better off’ this time next year and more Australians expecting ‘good times’ for the Australian economy over the next year.
David Plank, ANZ Head of Australian Economics, has said "… Consumer Confidence rose 1.3% nationally as greater Sydney reopened last week after more than three months in lockdown. The rise in confidence in the city over the past two weeks has been quite modest at 3.5%. This compares with the 9.2% rise over the first two weeks of reopening last year in May 2020. The difference reflects the level of confidence. Sentiment in Sydney is already above its 2021 average, while in May last year the lockdown ended with sentiment still at very depressed levels. Confidence also rose in Melbourne (5.4%) as its lockdown has been scheduled to end earlier than anticipated and is back to the level it was in mid-July.”
While Consumer Confidence is still sitting below the 2021 average, there has been an increase from last week. Consumers are becoming more confident about their personal financial situations compared to a year ago. Now 27% of Australians say their families are ‘better off’ financially than this time last year and 26% say their families are ‘worse off’ financially.
With the New South Wales lockdown coming to an end last week, spending has rebounded sharply according to the Commonwealth Bank of Australia (CBA) weekly credit and debit card spending data.
Looking specifically at the week on week card spending in NSW, this rose 12.3 per cent in the week to Friday 15 October, reflective of a 6.2 per cent increase in national card spending. NSW card spending was also 17 per cent higher than the same week in 2019, which has been considered the last ‘normal year’ prior to the start of COVID-19.
CBA Chief Economist, Stephen Halmarick, said “…spending in NSW had risen back to the same levels seen leading up to the lockdown. Sharp spending increases in NSW across many categories and the reopening bounce confirms there was strong pent-up demand for spending on services.”
With the ease of restrictions in Victoria and ACT this week, we are likely to see spending increases next week across all categories.
Nine and Seven are currently both enjoying the highest share for the week with 23.41% respectively. The Block continues its domination as the top-performing non news program with Sunday, Monday and Tuesdays episodes taking out the Top 3 spots this week.
Unsurprisingly the news was the top performing genre over the weekend, with Seven News taking the top spot on Friday night and Nine News taking out Saturday against Total People with both programs drawing over 850K.
The premiere of The Bachelorette with Brooke Blurton aired on Wednesday Night with its lowest launch so far with 397K Total People but fared better with younger demos. This season is the first of its kind as for the first time in 20 years of Bachelor and Bachelorette history anywhere in the world, Brooke Blurton has become the world's first bisexual Bachelorette. The season launched against The Block who won the entertainment slot with 851K viewers.
Source: Nielsen eTAM (Oct 2021)
In the week up to the 17th of October, 1,089.3 million minutes of BVOD content was consumed, reaching 6.1 million people nationally.
Reality TV and Drama dominated the top 10 programs, with Love Island Australia claiming the top spot for the week as well as 3rd and 6th. ABCs Annika appeared three times as well Home and Away also appearing three times. The top ten this week is rounded out by The Block Season 17.
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