The ANZ-Roy Morgan Consumer Confidence Index bounced in May, but remains at very subdued levels.
New Zealand consumers are catching their breath. Life is normalising as we move down the lockdown levels and COVID-19 is on the run, but job security has deteriorated markedly, and house prices are expected to go nowhere fast (figure 2). The willingness to by major household items has bounced to about where it troughed in the last recession – it’s hard to know if that’s good or bad news. But the upshot is that retailers will continue to do it tough well beyond the COVID-19 disruptions.
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