New Zealand Consumer Confidence Q4 2016

New Zealand

New Zealand: Consumer confidence nears almost two-year high in Q4

September 19, 2016

New Zealand’s’ consumer confidence rose in Q4 2016 and closed the year with the highest reading since Q1 2015. The Westpac-McDermott Miller consumer confidence indicator rose from 108.0 points in Q3 to 113.1 points in Q4, keeping the indicator comfortably above the 100-threshold that separates optimists from pessimists.

According to the survey, the fourth quarter increase reflected that consumers were more optimistic in all five sub-indicators of the index. Respondents were significantly more upbeat about their current financial situation and the country’s one-year economic outlook. Sentiment also improved among lower income households and in rural communities. On this point, Westpac pointed out that, “this improvement follows a dramatic turnaround in the fortunes of the dairying sector. Export prices for dairy products have surged in recent months.”

Growth in private consumption will be supported by strong data from the labor market and strong levels of consumer confidence. FocusEconomics panelists expect that private consumption will increase 3.3% in 2017, which is up 0.3 percentage points from the previous month’s projection. For 2018, analysts also expect private consumption to expand 2.7%.

Author: Jean-Philippe Pourcelot, Economist

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New Zealand Consumer Confidence Chart

New Zealand Consumer Confidence Q4 2016

Note: Quarterly consumer confidence index. An index number over 100 indicates more optimists than pessimists, while a number under 100 indicates more pessimists than optimists.
Source: Westpac-McDermott Miller Consumer Confidence Survey.

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