ANZ-Roy Morgan New Zealand Consumer Confidence was unchanged in March, at 128.0. Consumers are feeling self-assured. The current and future conditions indexes barely moved, and are only half a point apart.
ANZ-Roy Morgan New Zealand Consumer Confidence was unchanged in March, at 128.0. Consumers are feeling self-assured.
- The current and future conditions indexes barely moved, and are only half a point apart.
- Low unemployment, solid income growth, still-low interest rates and a recovery in the housing market are all supporting sentiment.
Consumers are feeling good. The ANZ-Roy Morgan Consumer Confidence Index was all but unchanged, lifting slightly from 127.7 in February to 128.0 in March. This is a solid level. On a seasonally adjusted basis the index lifted from 125.3 to 126.8.
The Current Conditions Index lifted less than half a point, to 127.7 in March. The Future Conditions Index was all but unchanged at 128.2. Both series are considerably higher than where they finished 2017.
- Consumers continue to feel pretty good about their current financial situation. A net 16% feel financially better off than a year ago. The proportion of those who reported being worse off remains historically quite low.
- A net 35% of consumers expect to be better off financially this time next year (up 1 point).
- A net 39% say it’s a good time to buy a major household item, down 1 point. The strong level suggests robust durables spending.
- Perceptions regarding the economic outlook lifted 4 points to +25%, well off its December lows. The five-year outlook eased from +29% to +25%.
- Confidence lifted 3 points in Wellington, which makes it the most confident region overall. Confidence bounced 6 points in Canterbury to put it in second place, surpassing Auckland, which eased a point.
- National house price expectations lifted from 3.1% to 3.5% and are strongest amongst Wellingtonians (4.4%). Inflation expectations continue to track sideways in a 3-4% range.
ANZ-Roy Morgan New Zealand Consumer Confidence remains high. And why not? Jobs are plentiful, there’s talk of higher wages, and the Auckland housing market has found a floor. Steadiness is the theme, with confidence unchanged versus last month, and no difference between current and expected future conditions.
Our confidence composite gauge (which combines business and consumer sentiment, and so covers both the production and spending sides of the economy) is being supported by robust consumer confidence in the face of hohum business confidence. It is consistent with 2-3% GDP growth, about par for this stage of the cycle, depending on population growth.
Click here to download the latest ANZ-Roy Morgan New Zealand Consumer Confidence Release PDF - March 2018.
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Related Research Reports
The latest Roy Morgan Consumer Confidence Monthly Report is available on the Roy Morgan Online Store. It provides demographic breakdowns for Age, Sex, State, Region (Capital Cities/ Country), Generations, Lifecycle, Socio-Economic Scale, Work Status, Occupation, Home Ownership, Voting Intention, Roy Morgan Value Segments and more.
You can also view our monitor of Quarterly New Zealand Unemployment & Under-employment Estimates.