New Zealand Consumer Confidence July 2022

New Zealand

New Zealand: Consumer confidence increases in July

August 11, 2022

The ANZ-Roy Morgan consumer confidence indicator rose to 81.9 in July from June’s 80.5. Therefore, the index remained entrenched below the 100-threshold that separates optimism from pessimism among consumers.

July’s result was driven by households’ improved expectations of their financial situation in one year view. Moreover, their assessments of their current financial conditions strengthened, while consumers had weaker confidence with regards to the 12-month general economic outlook. On the other hand, willingness to buy big-ticket items deteriorated.

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

“The question is not whether consumption growth will slow. The question is how much damage the Reserve Bank is going to have to do to the housing market and labour market to ensure that it does slow – and meaningfully, as that is the means by which strong domestic inflation can be conquered.”

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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New Zealand Consumer Confidence Chart

New Zealand Monthly Consumer Confidence July 2022

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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