New Zealand: Consumer confidence at eight-month high in October
The ANZ-Roy Morgan consumer confidence indicator jumped to 108.7 in October from September’s 100.0. Therefore, it moved above the 100-threshold that separates optimism from pessimism among consumers.
Households’ assessments about their current financial situation and over the next 12 months improved sizably. Similarly, consumers’ expectations regarding next year’s economic outlook and the five-year general economic outlook strengthened significantly. Moreover, the net proportion of households thinking it was a good time to buy major household items rose strongly.
Commenting on the release, Sharon Zollner, ANZ chief economist, stated:
“New Zealand households are in a delicate balance. Job security has taken a hit, but not evenly – it’s primarily amongst young people and lower income earners in retail, tourism and hospitality – though the full force hasn’t been felt yet due to the wage subsidy.”