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New Zealand’s ANZ-Roy Morgan consumer confidence index remained unchanged at 122 during the month of January, 7 points off its October low, but also 6 points off its March 2018 high.
The overall index sits a smidgen above the historical average. The Current Conditions Index was unchanged at 124, while the Future Conditions Index eased 1 point to 120. Consumers’ perceptions of their current financial situation lifted 1 point to a net 12 percent feeling financially better off than a year ago.
A net 29 percent of consumers expect to be better off financially this time next year, down 1 point. A net 36 percent think it’s a good time to buy a major household item, flat. Perceptions regarding the next year’s economic outlook fell 2 points to a net 12 percent expecting conditions to improve.
The five-year outlook lifted 2 points to +20 percent. South Island ex-Canterbury lifted the most (up 8 points to 125) but Wellington remains the most confident region (134). Confidence in Canterbury fell 9 points to reclaim the wooden spoon at 115.
House price inflation expectations eased from 2.9 percent to 2.7 percent. They remain weakest in Auckland (1.8 percent) and Canterbury (1.9 percent). Inflation expectations fell 0.7 percentage point to 3.5 percent, unwinding December’s spike. The impact of petrol prices is clear in this data.
