ASX 200 retail shares are rising today following news consumer confidence has lifted.
Among consumer shares leaping today are Harvey Norman Holdings Limited (ASX: HVN), JB Hi-Fi Limited (ASX: JBH), Premier Investments Ltd (ASX: PMV) Wesfarmers Ltd (ASX: WES).
So let's take a look at why these ASX 200 retail shares are rising.
Consumer confidence improves
JB Hi-Fi shares are lifting 3.64% today, while Harvey Norman shares are up 1.76% and Premier Investments shares are 1.13% in the green. Meanwhile, the Wesfarmers share price is up 0.89%.
Consumer confidence jumped 0.2% last week, according to the latest ANZ-Roy Morgan research. Confidence grew in South Australia, New South Wales and Queensland, while it was down in Victoria and Western Australia.
Today's slight lift in confidence was the first rise since the final week of June, potentially boosting ASX 200 retail shares.
Commenting on the results, Australian Economics ANZ head David Plank said:
Consumer confidence steadied as concerns about the economic outlook ebbed, likely driven by the strong labour market print last week.
High inflation and rising interest rates are feeding into households' weak assessment of their financial conditions. That is yet to show up in spending behaviour, however.
Inflation expectations also lowered slightly by 0.2% to 5.8%. Plank said inflation expectations fell to a one month low as global fuel prices moderated. He added:
Australia's wholesale petrol prices declined last week fuelling hopes that retail prices will moderate. This will likely be good news for sentiment if it occurs.
