Australian consumers appear to have fewer concerns over the omicron variant compared to other COVID-19 strains, according to a recent report by an Australian bank.
Australia’s Westpac-Melbourne Institute Index of Consumer Sentiment went down by only 2 percent in January, in what was deemed as a “surprisingly solid” result.
The delta variant prompted a higher 5.2 percent drop during the first month of its spread.
The latest result was also much lower than the 17.7 percent slump experienced when the pandemic started, according to a report by Westpac.
The January decline in the index was attributed to worries about the economy and family finance’s outlook for the next 12 months, which decreased by 9.6 percent and 2.8 percent, respectively.
This is despite a noticeable improvement in actual family finances relative to a year ago, with its sub-index rising by 7.5 percent in January, the bank said.
Looking at the state breakdown, the data showed that Queensland, Western Australia and South Australia all faced worsening sentiment. On the other hand, confidence brightened in New South Wales and Victoria.
The report added that consumers who lived in states that were previously affected by the delta variant lockdowns were less worried about the omicron outbreak when compared to citizens of states who are facing their first major wave of the pandemic.
