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.”