‘Sharp’ rebound in consumer confidence
New Zealand consumer confidence saw a significant rebound in July, rising 8 points to 99.3. While still below January peaks, the survey indicates improved sentiment regarding both current personal finances and future economic conditions.
Why it matters
Consumer confidence is a key leading indicator for economic growth and spending patterns in New Zealand.
Consumer confidence is continuing to climb out of a hole, and is back up to similar levels seen before the Middle East conflict began in February.
The latest ANZ-Roy Morgan NZ Consumer Confidence Survey shows consumer confidence rose to 99.3 in July, up 8 points from 91.3 in June.
ANZ economists Sharon Zollner and Matt Dilly said while consumer confidence in July was still 8 points below its January peak – before the Middle East conflict began – it was 19 points off its April low.
“A sharp bounce in consumer confidence this month is very welcome, but it was unsurprising to see confidence ease again late in the month,” they said.
The future conditions index, which is made up of forward-looking questions, jumped up 9.8 points to 106.5. It’s the first time this index has passed the 100 mark since February.
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