New Zealand Consumer Confidence July 2020

New Zealand

New Zealand: Consumer confidence steadies in July

July 31, 2020

The ANZ-Roy Morgan consumer confidence indicator dipped to 104.3 in July from June’s 104.5, suggesting the rebound in confidence could be over. However, it remained 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 dropped in July, falling to 0%. Additionally, households’ assessments about their current financial situation lost some ground. On the flip side, consumers’ expectations on the next five-year general economic outlook improved, as did their general economic outlook for next year—although the latter remained deeply entrenched in pessimistic territory.

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

“Just like the ANZ Business Outlook survey, it looks like the bounce may be done, and incomplete. Household incomes will come under more pressure from a weaker labour market as wage subsidies roll off.”

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 July 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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