New Zealand: Consumer confidence virtually unchanged in September
The ANZ-Roy Morgan consumer confidence indicator dipped to 100.0 in September from August’s 100.2, suggesting increased wariness amid a resurgence of coronavirus cases. Therefore, it landed on the 100-threshold that separates optimism from pessimism among consumers.
Households’ assessments about their current financial situation and over the next 12 months deteriorated further. Similarly, consumers’ expectations on the five-year general economic outlook weakened. On the other hand, consumers’ expectations over the economic situation in the next 12 months improved, and the net proportion of households thinking it was a good time to buy major household items rose somewhat.
Commenting on the release, Sharon Zollner, ANZ chief economist, stated:
“ew Zealand is still in the early stages of navigating the complex impacts of COVID-19. Fiscal support has been crucial but needs to be wound back, and households are clearly concerned about the economic damage that will become evident as that occurs. The economy has a large hole looming where summer tourism income used to be. We’re poorer for a while, and need to consume a bit less.”