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• Consumer confidence rose marginally in August, though the overall message remains one of consumer caution.
  
  
• Less people are feeling financially better off compared to a year ago. Perhaps a sign of higher household running costs starting to bite.
  
  
• This may weigh on spending decisions in the near-term. However, there was an improvement in intentions to purchase a major household item, which point to ongoing but modest growth in retail sales.

The ANZ-Roy Morgan Consumer Confidence measure posted a 0.7 point increase to 116.3 in August. This bucks the declines over the previous two months, but the increase is marginal and well within the usual monthly volatility. The level remains below the historical average of 119.4, and is still close to the lowest reading in almost a year. The Current Conditions index was essentially flat at 103.7, while Future Conditions rose slightly to 124.7.

The largest decline among the five component questions that make up the confidence measure is the one regarding respondent’s financial situation. While the proportion of people feeling financially worse off now compared to a year ago was unchanged, there was a decline in the proportion who felt better off. This led to a 4 point decline in the net reading to its lowest level since December 2009.

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

(116.3, up 0.7pts)

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