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New Zealand Consumer Confidence May 2024

New Zealand: Consumer confidence improves in May

Consumer confidence rose to 84.9 in May from April’s 82.1. Despite the uptick, the index remained entrenched below the 100-threshold separating pessimism from optimism among consumers.

In May, consumers became notably less pessimistic about future conditions, partly linked to lower expectations for inflation and housing prices.

Still-pessimistic sentiment bodes poorly for private spending in Q2; our panelists see private spending broadly stagnating in the quarter in annual terms.

On prices, ANZ Bank analysts said:

“The RBNZ will be pleased to see the fall in inflation expectations. Households don’t set prices, but their expectations can impact wage demands (though that’s less relevant now that the power is very much on the employer side of the desk) and the ease with which businesses can pass on cost increases into their prices. There’s still a way to go, but it’s an encouraging development.”

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