Consumer confidence skyrockets - MasterCard survey
Kiwis’ consumer confidence sprung up this year tripling last year’s figures and is predicted to climb.
According to the latest MasterCard Worldwide Index of Consumer Confidence survey, while consumer confidence has dipped slightly compared to six months ago, New Zealanders are approaching the next six months with a strong sense of optimism.
Stuart McKinlay, MasterCard country manager New Zealand, told the National Business Review that people under the age of 30 are the most optimistic about the near future.
“The index showed that for the six months ahead, it is the younger New Zealanders who are the most optimistic.”
Mr McKinlay said although it is “very hard to predict” whether consumer confidence will keep strengthening long term, for the next six months growth will be on a steady climb.
The biannual index is based on a survey which measures five economic indicators: economy, employment, stock market, regular income and quality of life.
The index score is calculated with zero as the most pessimistic, 100 as most optimistic and 50 as neutral.
Mr McKinlay said New Zealanders’ optimism about the job market was a strong underlying factor driving consumer confidence.
Employment and regular income continue to improve from six months ago.
“These improvements come off the back of positive unemployment statistics which – for the first time in two years – fell in the March quarter possibly signalling that the worst effects of the global financial crisis are behind us.
“New Zealand has done particularly well in looping its confidence generally as oppose to some of the other countries.”
Growth in transactions and spend over the past few months also indicate the strengthening of consumer confidence, he said.