The return of overseas tourists, the drop in the number of Covid-19 cases nationwide and one of the world’s highest vaccination rates has lifted the national mood.
According to the weekly ANZ-Roy Morgan Australian Consumer Confidence Rating, consumer confidence lifted 3.3 per cent to 103.2 in early February – higher than the same period last year of 101.5 – and a welcome relief from the plunge in consumer sentiment in January.
Queensland led the more optimistic charge (+6.5%), followed by WA (+5.3%) and NSW (+4.1%). The major driver was an increase in personal finances.
Household goods are the canary in the coalmine of consumer purchasing intent and the latest figures revealed that 33 per cent of Australians say that now is a good time to buy.
Increased petrol prices and inflation concerns are still acting as brakes on consumer confidence. But the passing of the Omicron peak and the re-opening of national borders to vaccinated tourists has lifted consumer sentiment, says David Plank, Head of Australian Economics -ANZ.
Adore Beauty‘s latest results underline the more buoyant feeling. The pure-play online retailer has reported an 18 per cent increase in group revenue to $113.1 million for the first half of its fiscal year.
The company’s active customer base increased 13 per cent to 876,000 over the period. Repeat purchasers who order at least three times a year represent 71 per cent of Adore Beauty’s revenues.
Looking forward, the company has announced plans to launch its own private label skincare brand in the September/December quarter in the run-up to Christmas.