Consumer confidence can be a great indicator of how businesses are going to fare in the coming days.
In the wake of Australia's recent federal election, consumer confidence has risen. Since September 7-8, it rose by 1.6 points to 122.9.
According to a statement from Roy Morgan on September 17, the Consumer Confidence Rating has risen because Australians are feeling more secure in their personal financial situations and the country's economic conditions in the post-election landscape.
"Consumer Confidence has increased to 122.9 (up 1.6pts) following the L-NP’s Federal Election victory and with Tony Abbott elected as Australia's 28th Prime Minister. Consumer Confidence has now risen for six straight weeks and is up 10.4pts since former Prime Minister Kevin Rudd called the election in early August," said Gary Morgan.
Roy Morgan found that 47 per cent of Australians – a 4 per cent increase – expect to be better off financially this time next year. That's the highest percentage since February 2010. Only 13 per cent responded that they would be worse off.
As well as this, 41 per cent of respondents expect the economy to experience 'good times' in the next five years, with only 16 per cent expecting the contrary.
"The rising confidence is reflected in the rising Australian share-market. The All Ordinaries Index (today at close to 5,250) is at its highest level since July 2008 – before the bankruptcy of Lehman Brothers caused the Global Financial Crisis in September 2008. The All Ordinaries is now up nearly 70% since reaching a low of 3,111 in March 2009," said Gary Morgan.
This may give businesses a reason to feel positive. To make the most of this confidence, consider conducting an end of year customer satisfaction survey. Such surveys can not only assist you to get invaluable feedback about your client’s future plans, but (with the right questions included) can also be a great source of new business referrals.
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