The Westpac - McDermott Miller Consumer Confidence Survey is carried out on a quarterly basis by McDermott Miller's Market Research Unit. The Survey is under the joint sponsorship of Westpac and McDermott Miller Limited.
Between June 1988 and June 1990 the quarterly survey of consumer confidence and index was publicly released as part of the Dominion-United National Economic Review in the Dominion Sunday Times and The Dominion newspapers. Since December 1990, the survey has been released universally to the news media.
The Westpac - McDermott Miller Consumer Confidence Surveys are conducted, directed, analysed and reported on by McDermott Miller.
THE NATURE OF THE INDEX
Quarterly surveys of consumer confidence in
Index of Consumer Sentiment was developed after World War II at the
Consumer Confidence Index is based on five internationally standardised
questions, originating from the
A single index figure, derived from answers to five questions, summarises "consumer confidence". A score above 100 denotes more optimism than pessimism. A score below 100 denotes more pessimism than optimism. The range measures the relative strengths of these "sentiments". The five questions asked in building up the index cover consumers' personal financial circumstances, national economic expectations and attitudes to major purchases.
USE OF THE INDEX
The Westpac : McDermott Miller Consumer Confidence Survey and Index remains the only regionalised "demand" oriented economic indicator published outside official statistics and is the only available "leading" indicator of consumer spending and savings intentions.
Index can be compared directly with the Australian Westpac-Melbourne Institute
Index of Consumer Sentiment, published by the Melbourne Economic Research
Institute over the last 18 years. It can also be compared with similar
Since the Survey's inception, McDermott Miller have built up an extensive database on consumer sentiment and are able to interpret the index as a leading indicator of retail sales, housing demand, savings intentions and inflation expectations.