New Zealand Consumer Confidence June 2020

New Zealand

New Zealand: Consumer confidence jumps into optimistic terrain in June

June 26, 2020

The ANZ-Roy Morgan consumer confidence indicator jumped to 104.5 in June from May’s 97.3, as lockdown measures were almost completely removed. Therefore, it moved above the 100-threshold that separates optimism from pessimism among consumers.

The number of households thinking it was a good time to buy major household items soared in June, moving into optimistic terrain and pushing up the overall index. Moreover, consumers’ expectations on next year’s general economic outlook improved, as did consumers’ expectations over their future personal finances. Additionally, households’ assessments about their current financial situation compared to one year ago recovered some further ground. On the flip side, their five-year general economic outlook deteriorated.

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

“Willingness to buy major household items has bounced enormously off its lockdown lows, but remains at the levels prevailing in the last recession – hardly a period that retailers recall with fondness. The current flurry of spending as households spend their involuntary lockdown savings (and international holiday budgets) is likely to peter out relatively soon.”

FocusEconomics panelists project private consumption to shrink 8.3% in 2020, which is down 1.5 percentage points from last month’s forecast. They see it expanding 7.5% in 2021.

Author: Massimo Bassetti, Senior Economist

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New Zealand Consumer Confidence Chart

New Zealand Monthly Consumer Confidence June 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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