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• Consumer confidence eases, but remains positive.
  
  
• Consumer’s view of both current and future conditions are down.
  
  
• The current conditions measure is back at 100, indicating a lack of conviction on behalf of consumers towards opening the wallet.
  

The ANZ-Roy Morgan Consumer Confidence measure fell 8 points in February. Despite this fall the overall level remains high.

Reduced optimism was apparent across the board. A net 15 percent believe they are worse off relative to a year ago, down 13 points on January. Conversely, consumers remain very optimistic towards the coming 12 months. A net 40 percent expect to be better off financially and 29 percent expect better times for the economy. But both are down 10 points on the month prior. A net 15 percent believe it a good time to buy a major household item — a positive sign, but still down 7 points on January’s reading. Enthusiasm towards the New Zealand economy five years out went against the easing trend, rising a point, with a net 49 percent optimistic towards long-term prospects.

Consumer’s views of both current and expected conditions eased. The future conditions index within the survey (a combination of expectations towards the economy 1 and 5 years out, and consumer’s expected financial position a year out) eased to 139. This is down 7 points on January’s all-time high, but still lofty relative to history. The current conditions measure of our survey fell 10 points and now sits on the key 100 level. The lack of conviction in regard to current conditions (it has wobbled at or around 100 for six months) suggests consumers remain cautious in regard to spending.

Click here to view the full February ANZ-Roy Morgan New Zealand Consumer Confidence Rating PDF

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