New Zealand: Consumer confidence increases in April
Latest reading: Consumer confidence jumped to 98.3 in April from March’s 93.2. However, the index remained below the 100-threshold, pointing to still negative sentiment among consumers.
Consumers grew more upbeat about current and future economic conditions in April, and became more likely to buy large items.
The confidence data in April fits with our panelists’ projections for still-mild private consumption growth in Q2 as a whole.
Panelist insight: On the data, ANZ analysts said:
“It’s good to see that New Zealand consumers so far appear to be relatively unfazed by the recent bout of global volatility. The economy is turning higher (albeit slowly), and interest rates are lower. In the bigger picture, though, consumer confidence remains subdued, and this is dampening the outlook for the retail sector.”