WA households are set to pour $650 million into the State’s economy before the end of 2021, the latest CCIWA Consumer Confidence survey reveals.
The survey shows that close to one-in-three (29 per cent) of West Australians boosted their savings during COVID-19.
It also shows that WA households intend to spend 32 per cent of their stockpile by the end of the year, as consumer confidence remains high.
The survey showed that four in ten (39 per cent) West Australians expect the economy to improve in the next three months, down just three points from March.
In terms of how West Australians intend to spend their money, higher-income and older people are likely to be planning a domestic holiday (47 per cent), while those between 18 and 39 are largely focused on household bills (23 per cent), rent (34 per cent) and credit card debt (22 per cent).
Lower income and regional households said they were more likely to spend on home improvement – at 50 per cent and 45 per cent respectively.
CCIWA Chief Economist Aaron Morey said the results reflect the State’s success at containing COVID-19, which remained the biggest factor underpinning consumer confidence.
“Confidence in the national vaccine rollout also increased, with 47 per cent of respondents saying domestic economic news had boosted their outlook,” he added.
“Concern about COVID-19 and the possibility of further lockdowns remained the clearest drag on confidence, though these fears declined again for a third consecutive quarter.”
The survey also showed that one in five (23 per cent) of WA households report being reliant on the mining industry for their income, rising to 30 per cent and 33 per cent among younger Western Australians and higher-income households respectively.
