NZ: Consumers are feeling good - ANZ

NZ consumers are feeling good as the ANZ-Roy Morgan Consumer Confidence Index was all but unchanged, lifting slightly from 127.7 in February to 128.0 in March, points out Sharon Zollner, Chief Economist at ANZ.

Key Quotes

“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.
• 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.”