NZ consumers' confidence in outlook dims

Thursday 12th July 2012

New Zealand consumers have become less confident about the outlook than they are about current economic conditions for the first time since 2008 though sentiment improved in July from June.

The ANZ-Roy Morgan Consumer Confidence measure rose to 110.5 in July from 105.8 in June. The current conditions index rose 6 points to 111 and the future conditions index fell behind, rising 4 points to 110.

A net 9 percent of those polled say they're worse off than they were this time last year, an improvement from a net 10 percent in last month's survey. A net 20 percent expect to be better off in 12 months' time, unchanged from June.

Looking at the New Zealand economy as a whole, a net 10 percent saw bad times ahead, an improvement from a net 19 percent in June. In the next five years, more good news is expected by a net 20 percent of those polled, up from a net 18 percent last month.

A net 32 percent said now was a good time to buy a major household item, up from a net 20 percent last month.

Inflation expectations fell to 3.3 percent from 3.7 percent, the lowest level this year, the survey showed.

BusinessDesk.co.nz

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