Consumers' attentions may be turning to improving their properties, as the latest confidence figures show a more positive outlook. The ANZ-Roy Morgan Consumer Confidence Index for the week to August 25 points to an upswing in sentiment, as people believe the coming months will be a good time to purchase a major household item.
As a result, they could be thinking about renovating the bathroom or perhaps even carrying out air conditioner installation, both of which could ultimately benefit the nation's tradies.
Chief Economist at ANZ Warren Hogan explained how the market has experienced some mixed signals over recent days, both of which have the potential to infringe on people's outlook.
"On the one hand, the property market remains buoyant and employment has been stronger than expected," noted Mr Hogan.
"On the other hand, the recent fall in equity markets and emerging concerns about growth in China and its impact on Australia are weighing on sentiment."
For the time being at least, Australians seem to be more hopeful about what the future has in store, which is crucial for the success of the overall economy. This follows research from CUA, which showed that demand for home improvements is generally on the rise.
During the year to the end of June, the group revealed that more than 10 per cent of loans it issued were for home improvements or household goods. People borrowed an average of $15,000 as they took steps to ensure the future potential of their property investments.
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