New Zealand: Consumer confidence steadies in July
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.”