The Westpac-McDermott Miller consumer confidence indicator increased from 120.1 points recorded in Q4 2013 to 121.7 points in Q1 2014. The reading marked the highest level since Q1 2005. As a result, the index rose even further above the 100-point threshold indicating that optimists outnumber pessimists. According to Westpac, the strong increase in Q1 reflected consumers' rising optimism about the near-term economic perspectives and the state of their own finances. Surprisingly, the survey indicated that, despite this optimism, consumers' willingness to spend money on major items-major household items, for example-has decreased compared to the previous survey. According to Westpac, this fact might be caused by the recent introduction of mortgage lending restrictions, rising fixed-term mortgage rates and further housing market concerns. FocusEconomics Consensus forecast participants expect private consumption to expand 3.1% this year, which is unchanged from last month's projection. For 2015, the panel sees private consumption increasing 2.4%, which is also unchanged from last month's projection.
New Zealand Consumer Confidence
Consumer confidence reaches highest level in nine years
March 17, 2014
Looking for forecasts related to Consumer Confidence in New Zealand? Download a sample report now.
New Zealand Consumer Confidence Chart
Note: Quarterly consumer confidence index. An index number over 100 indicates more optimists than pessimists, while a number under 100 indicates more pessimists than optimists.
Source: Westpac-McDermott Miller Consumer Confidence Survey.
New Zealand Economic News
October 19, 2016
In Q3, consumer prices edged down from the quarter-on-quarter seasonally-adjusted 0.4% increase observed in Q2 to 0.2%.
September 30, 2016
Economic sentiment among New Zealand businesses rebounded in September after declining for two consecutive months.
September 22, 2016
At its meeting held on 22 September, the Reserve Bank of New Zealand (RBNZ) decided to keep the Official Cash Rate (OCR) at 2.00%.
September 19, 2016
New Zealanders’ confidence rose in Q3 after having deteriorated in the previous two quarters.
September 15, 2016
GDP grew a seasonally-adjusted 0.9% over the previous quarter in Q2, which matched the result tallied in Q1.