New Zealand Consumer Confidence

New Zealand

New Zealand: Consumer confidence remains high in Q3 despite moderation

September 22, 2014

The Westpac-McDermott Miller consumer confidence indicator fell from the 121.2 points recorded in Q2 to 116.7 points in Q3. The reading marked the lowest level since Q3 2013. However, the index is still far above the 100-point threshold indicating that optimists outnumber pessimists.

According to Westpac, the moderation in Q3 reflected a decrease in all sub-categories of the index. The largest drop was recorded for the country’s near-term economic perspectives. Consumers’ willingness to spend money on big ticket items, their assessments of their own current financial situations as well as their expected future finances also moderated, although to a lesser extent. According to Westpac, in Q3 consumer confidence dropped, “on the back of less exuberant economic news, rising interest rates and, possibly, a bout of uncertainty ahead of the elections.”

FocusEconomics Consensus forecast participants expect private consumption to expand 2.8% this year, which is unchanged from last month’s projection. For 2015, the panel sees private consumption increasing 2.7%.

Author: Teresa Kersting, Economist

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New Zealand Consumer Confidence Chart

New Zealand Consumer Confidence Q3 2014

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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