New Zealand: New Zealand Consumer Confidence August 2022
The ANZ-Roy Morgan consumer confidence indicator rose to 85.4 in August from July’s 81.9. Therefore, the index remained entrenched below the 100-threshold that separates optimism from pessimism among consumers.
August’s result was driven by households’ improved expectations of their financial situation in one year view. Moreover, consumers had stronger confidence with regards to the 12-month general economic outlook. Additionally, willingness to buy big-ticket items improved.
Commenting on the release, Sharon Zollner, chief economist at ANZ, stated:
“Households are not happy about higher living costs and with interest rates rising rapidly, are understandably concerned about the economic outlook. Homeowners are seeing the value of their largest asset going backwards. However, offsetting all that to some extent, in a super-tight labour market incomes are looking secure – and are currently rising rapidly.”
FocusEconomics panelists project private consumption to grow 2.5% in 2022, which is unchanged from last month’s forecast. They see it expanding 2.6% in 2023.