Consumers' confidence about both current and future economic conditions has eased but still remains positive, according to the ANZ Roy Morgan Consumer Confidence survey.The survey's overall measure of confidence fell 7.8 points to 123.6 in February.A net
Consumers' confidence about both current and future economic conditions has eased but still remains positive, according to the ANZ Roy Morgan Consumer Confidence survey.
The survey's overall measure of confidence fell 7.8 points to 123.6 in February.
A net 15 percent believed they were worse off relative to a year ago in February, down 13 points on January.
But consumers remained very optimistic about the coming 12 months. A net 40 percent expected to be better off financially and 29 percent expected better times for the economy. Both are down 10 points on the month prior.
"Faced with a rising unemployment rate and rapidly softening housing market it is perhaps of little surprise to see confidence ease. And we need to bear in mind that January did record the largest lift in the history of the survey," ANZ said.
A net 15 percent believed it a good time to buy a major household item. This was seen as a positive sign but was down seven points from January.
Enthusiasm towards the New Zealand economy five years out went against the easing trend, rising a point, with a net 49 percent optimistic toward long-term prospects.
Two-year ahead inflation expectations remained unchanged at 3.8 percent.
