Consumer confidence stays high - but underlying data is contradictory
The Westpac McDermott Miller Consumer Confidence Index was unchanged at 112.0 according to the latest survey, released this morning.
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Consumer confidence remains high.
The Westpac McDermott Miller Consumer Confidence Index was unchanged at 112.0 according to the latest survey, released this morning.
Survey interviews were conducted over the first 12 days of September, a period dominated by bad economic news from overseas.
Although the headline confidence figure in unchanged,. some of the underlying data is is contradictory.
Consumers were less confident about the longer term economic outlook, and their assessment of their own current financial situation deteriorated slightly - and remains pessimistic on the whole (a net 18.8% of households think their situation has deteriorated over the past year, up from 18.3% in the June survey).
However, a larger number now think is a good time to buy a major household item (a net 30.1%, up from 26.0% in June).
“New Zealand households continue to turn their focus to recovery,‟ said Westpac Chief Economist Dominick Stephens. “While they remain cautious about their personal financial situation, they are becoming increasingly confident that economic prospects will improve over the coming year. Along with other recent business and consumer surveys, that bodes well for an ongoing gradual expansion in domestic spending.”
Rob Hosking
Mon, 19 Sep 2011
Mon, 19 Sep 2011
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Consumer confidence stays high - but underlying data is contradictory
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