New Zealand Consumer Confidence October 2020

New Zealand

New Zealand: Consumer confidence at eight-month high in October

November 2, 2020

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.”

FocusEconomics panelists project private consumption to grow 4.5% in 2021, which is down 0.4 percentage points from last month’s forecast. They see it expanding 3.1% in 2022.

Author: Massimo Bassetti, Senior Economist

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New Zealand Consumer Confidence Chart

New Zealand Monthly Consumer Confidence October 20 20

Note: Monthly consumer confidence index. An index number over 100 indicates more optimists than pessimists, while a number under 100 indicates more pessimists than optimists.
Source: ANZ-Roy Morgan NZ Consumer Confidence Survey.

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