Ann: Results Announcement - 1H FY24, page-13

From 'The Australian' after the 1130 AEST release by Westpac:

(it doesn't mean every existing or potential HVN shopper is adversely affected or negative, but to state the obvious, downbeat consumer sentiment overall is bad for retailers. I am not an expert but perhaps that's where good marketing comes in):

"Westpac's consumer sentiment index sinks 2.4 per cent to a deeply pessimistic 82.4 points in April, two years after it slumped in early 2022 as soaring interest rates added to concern about ballooning cost of living pressures.

“The pessimism that has dominated the consumer mood for nearly two years now is still showing few signs of lifting," says Westpac senior economist, Matthew Hassan.

The latest Index read is well below the ‘neutral’ level of 100 points and in line with the average recorded over the last 24 months, marking an extended period of bleak sentiment reads by historical standards.

Outside of the deep recession of the early 1990s, it's the second most protracted period of deep consumer pessimism since Westpac began surveying in the mid-1970s. All other sentiment slumps lasting nine months or less...

...The April sentiment update suggests consumers continue to expect progress on inflation and associated cost-of-living pressures to be slow, with consumers remaining unconvinced about prospective interest rate cuts.

Just over 40 per cent of consumers surveyed are still bracing for more hikes.

The most unsettling detail in April was a sharp deterioration in buyer sentiment.

The ‘time to buy a major item’ sub-index dropped 6.6 per cent to 78.7."