New Zealand Consumer Confidence June 2021

New Zealand

New Zealand: Consumer confidence steady in June

July 5, 2021

The ANZ-Roy Morgan consumer confidence indicator inched up to 114.1 in June from May’s 114.0. Therefore, it moved further above the 100-threshold that separates optimism from pessimism among consumers.

June’s reading was driven by consumers’ improving confidence with regards to the one-year general economic outlook. Moreover, households’ assessments of their financial situation compared to one year ago got rosier, while answers also highlighted that consumers were more inclined to buy major household items compared to the prior month. On the other hand, their expectations with regards to the five-year general economic outlook worsened, while perceptions regarding inflation jumped to a record high.

Commenting on the release, Sharon Zollnern analyst at ANZ, reiterated that consumers inflation expectations remain high:

“Household inflation expectations are typically too high – and volatile – but that doesn’t mean they don’t matter. […] As for business inflation expectations, a key question will be how long they remain elevated. But the data certainly underlines that risks to inflation are looking decidedly one-sided at present.”

FocusEconomics panelists project private consumption to grow 4.9% in 2021, which is down 0.2 percentage points from last month’s forecast. They see it expanding 2.7% in 2022.

Author: Massimo Bassetti, Senior Economist

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New Zealand Consumer Confidence Chart

New Zealand Monthly Consumer Confidence June 2021

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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