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Liz Kendall, Senior Economist at ANZ, notes that New Zealand’s consumer confidence is steady, according to the ANZ-Roy Morgan Consumer Confidence Index, which was unchanged in September at 118, close to the historical average.

Key Quotes

“The Current Conditions Index fell 4 points to 120, while the Future Conditions Index lifted 2 points to 116.”

“Consumers’ perceptions of their current financial situations were unchanged, with a net 12% feeling financially better off than a year ago.”

“Expectations for national house price inflation were unchanged at 3.4% y/y. The regions outside Auckland and Canterbury are the strongest.”

“Inflation expectations dropped back from 4.0% to 3.4%, the lowest read in six months. This is a little surprising in light of petrol price increases and the NZD fall, and implies that expected higher prices are unlikely to be the reason for the decline in confidence about buying major household items.”