Westpac-MI Consumer Sentiment fell by 2.3% to 102.7 – Westpac

Analysts at Westpac explained Westpac-MI Consumer Sentiment for February’  was marked by a wave of volatility in global share markets. 

Key Quotes:

“The Westpac Melbourne Institute Index of Consumer Sentiment fell by 2.3% to 102.7 in February from 105.1 in January.”

“The Australian market, which was more stable than most, still experienced some significant swings, being down a net 4.6% for the week while the US market (S&P 500) was down by a net 7.2%.

Extensive media coverage of these developments would have unnerved respondents on two fronts – the impact on their own financial position and concerns for general global stability.

These concerns appear to have been acutely felt by retirees whose confidence fell by 13.5%.”

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