New Zealand: Consumer optimism weakens in August
The ANZ-Roy Morgan consumer confidence indicator edged down to 109.6 in August from July’s 113.1. That said, the index remained above the 100-threshold that separates optimism from pessimism among consumers.
August’s result was largely driven by consumers’ deteriorating confidence with regards to the one-year and five-year general economic outlook. Moreover, households’ assessments of their financial situation compared to one year ago turned less optimistic. Additionally, consumers were less inclined to buy big-ticket items compared to the previous month, while their perceptions regarding inflation worsened.
Commenting on the release, Sharon Zollnern analyst at ANZ, stated:
“As New Zealanders face into the strictest lockdown restrictions in 18 months, the mood appears broadly to be one of resigned calm. That could change should the data suggest the lockdown is not on track to eliminate COVID-19, but for now, it’s certainly a marked contrast with the chaos and panic the nation faced when COVID first invaded our shores.”