New Zealand: Consumer confidence dips in August
Latest reading: The ANZ-Roy Morgan consumer confidence indicator edged down to 98.0 in August, following 99.3 in July. The latest reading was 18 points above its April trough but nine points below its January peak.
In August, household sentiment was mixed across the major components. Perceptions of current personal financial situations deteriorated, while expectations for personal finances over the next year improved slightly. Households also became somewhat less pessimistic about the general economic outlook over the coming year, while the longer-term economic outlook strengthened modestly. Willingness to make large purchases weakened, indicating continued caution around household spending.
Panelist insight: On the data, ANZ analysts said:
“Households remain cautious about their spending plans, but a five-year high in the net proportion expecting better times over the next five years suggests there is a degree of optimism that current trials and tribulations are temporary. Our ANZ card spending data shows discretionary spending has been volatile recently and remains subject to the whims of petrol prices. However, it is trending higher as the situation in the Middle East to some extent fades into the background.”