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NZ consumer confidence gains in November

Thursday 15th November 2012

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New Zealand consumer confidence rose in November, with kiwis feeling more upbeat about the future and more people seeing better times financially over the next 12 months.

The ANZ-Roy Morgan Consumer Confidence rose to 114.1 in November from 110.5 in October. A reading above 100 indicates there are more optimists than pessimists. The Current Conditions index edged up to 110.2 from 109.6 and has held around these levels since the start of the year, while the Future Conditions index climbed to 116.7 from 111.

"Households have become more circumspect over the future and have pared back lofty expectations on the general economic outlook as the reality of a moderate medium-term growth environment sinks in,"

The survey has displayed "a zigzag pattern over the past year," ANZ senior economist Mark Smith said in a statement. A little changed current conditions index this year suggests "no push on the part of consumers to significantly increase household spending."

The November survey follows economic figures on retail sales and unemployment, which both highlighted the weakness of the economy in the third quarter. Today's confidence survey showed people think house prices will rise 3.5 percent over the next two years, down from a 3.7 percent expected in last month's survey.

Those deeming now a good time to buy major household items held unchanged at a net 26 percent while the balance of those feeling better off financially now than a year ago improved to -6 from -7.

Expectations of inflation two years ahead slipped to 3.4 percent from 3.6 percent.

Males were more confident than females, rising 6 points to 121 while for females the gain was 1 point to 107.

Canterbury was the most upbeat region, with confidence rising 15 points to 123, followed by Auckland on 115. Confidence in Wellington was 110, the lowest of any region.

BusinessDesk.co.nz



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