New Zealand: Consumer confidence recovers from three-year low in November
The ANZ-Roy Morgan consumer confidence indicator climbed to 118.6 in November from 115.4 in October, which had marked the lowest reading in three years. As a result, the index rose further above the 100-point threshold that separates optimism from pessimism among consumers.
November’s upturn came on the back of a strong increase in the future conditions index over the previous month. Households’ one and five-year outlooks regarding the general economic situation improved compared to October. Additionally, they turned more optimistic about the prospect of being financially better off in 12 months’ time. Meanwhile, consumers’ assessment of their current financial situation and willingness to purchase major household items softened in November, driving the slight drop in the current conditions index compared to the previous month.
All told, consumer confidence bounced back after broadly trending down since May and now sits around its historical average.