New Zealand Consumer Confidence October 2021

New Zealand

New Zealand: Consumers turn pessimistic in October

November 10, 2021

The ANZ-Roy Morgan consumer confidence indicator fell to 98.0 in October from September’s 104.5. Consequently, the index moved below the 100-threshold that separates optimism from pessimism among consumers.

October’s result was driven by consumers’ deteriorating confidence with regards to the one-year general economic outlook. Moreover, households’ assessments of their financial situation compared to one year ago turned pessimistic. Additionally, consumers’ perceptions regarding inflation soared compared to the previous month, while their willingness to buy big-ticket items remained entrenched in negative terrain.

Commenting on the release, Sharon Zollnern analyst at ANZ, stated:

“Four potential causes leap to mind: inflation, mortgage rate rises, Covid-19 uncertainty, and supply shortages. Whatever the cause, this series will be key to watch for gauging momentum in the economy as the year progresses.”

FocusEconomics panelists project private consumption to grow 2.4% in 2022, which is unchanged from last month’s forecast. They see it expanding 2.2% in 2023.

Author: Massimo Bassetti, Senior Economist

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New Zealand Consumer Confidence Chart

New Zealand Monthly Consumer Confidence October 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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