NZ consumer confidence slips for second month, remains 'elevated': Roy Morgan

Friday 18th December 2009

New Zealand consumer confidence fell for a second month in December, while remaining at an elevated level, with those polled generally more upbeat about the future than their circumstances right now, according to the ANZ-Roy Morgan Consumer Confidence measure.

Confidence slipped 2.9 points to 118.6 this month, having peaked in October at 125.9. Confidence sank below the key benchmark level of 100 in February and March.

The survey, taken between Nov. 30 and Dec. 13, shows a wide gap between current and future conditions, with those polled giving a reading for current conditions at 94.5, up from 94.2 the previous month.

Respondents said inflation would be about 3.9% on average over the next two years –above the central bank’s target band of 1% to 3%. Reserve Bank Governor Alan Bollard said this month that he may raise the official cash rate in mid-2010, earlier than he has previously indicated.

The Roy Morgan poll comes a day after the Westpac-McDermott Miller consumer confidence survey showed a decline in the fourth quarter to 116.9, from 120.3 in the third quarter, which was a four-year high.

Businesswire.co.nz

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