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• Consumer confidence in June erased the previous month’s gains, falling 4 points. But at 122.0, the index is still elevated and indicates more optimists than pessimists.
  
  
• The gap between current and future conditions has narrowed, with more consumers seeing it as a good time to purchase a major household item.
  
  
• Financially, consumers are yet to fully recover from the effects of the recession, but are getting close to doing so.

The ANZ-Roy Morgan Consumer Confidence measure fell 4 points in June. However, the overall level remains positive at 122.0, though it is off the recent peak of 131.4 recorded in January this year. Confidence has effectively been unchanged in trend terms over the past four months.

The gap between current and future conditions continue to narrow, courtesy of a 3.6 point increase in the former to 111.8 and a 9 point decline in the latter to 128.8.

This month’s survey captured some significant events that had the potential to influence consumers’ perception towards their own situation and that of the broader economy. It is the first sample of data to take in the impact of the New Zealand Government’s Budget, Fonterra’s better than expected forecast payout for the 2010/11 season, the escalation of the sovereign debt crisis in Europe which resulted in global market volatility, and the decision by the Reserve Bank of New Zealand to increase the official cash rate by 25 basis points to 2.75 percent.

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

(122.0, down 4.0pts)

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