New Zealand Consumer Confidence May 2022

New Zealand

New Zealand: Consumer confidence drops in May

May 31, 2022

The ANZ-Roy Morgan consumer confidence indicator fell to 82.3 in May from April’s 84.4. therefore, the index moved further below the 100-threshold that separates optimism from pessimism among consumers.

May’s result was driven by households’ worsened willingness to buy big-ticket items. Additionally, expectations of their financial situation in one year view deteriorated, as did their assessments of their current financial conditions. On the other hand, consumers had somewhat stronger confidence with regards to the five-year general economic outlook.

Commenting on the release, Sharon Zollner, chief economist at ANZ, stated:

“The current record-low unemployment rate is an important support for both spending and the housing market. But nonetheless, households are under pressure. Most people will be experiencing real wage falls. That’ll change, as wage inflation lifts and CPI inflation retreats, but for now, the squeeze is on. And the screws continue to tighten for those with debt.”

FocusEconomics panelists project private consumption to grow 2.5% in 2022, which is unchanged from last month’s forecast. They see it expanding 2.6% in 2023.

Author: Massimo Bassetti, Senior Economist

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