Consumer sentiment is still up and running; confidence lifted in May. The level adds up to good times ahead across the economy. Consumers’ view of their financial position lifted to the highest level since the global financial crisis; that’s positive for near-term spending momentum.
The three-month back-up in consumer confidence was replaced by a pick-me-up in May.
- Consumer sentiment is still up and running; confidence lifted in May.
- The level adds up to good times ahead across the economy.
- Consumers’ view of their financial position lifted to the highest level since the global financial crisis; that’s positive for near-term spending momentum.
- Expectations of both inflation and house prices eased.
The ANZ-Roy Morgan Consumer Confidence Index lifted from 121.7 to 123.9. The long-run average is 119. Sentiment is not only up; it’s on the positive side of the ledger.
The Current Conditions Index lifted 5 points while the Future Conditions Index was unchanged.
It’s ‘bottoms up’ for consumers.
- Consumers’ view of their own financial position fired up to the highest level since the global financial crisis. A net 16% feel better off financially compared with a year ago, up from a net 9% in April. A net 39% are eyeing up buying a major household item.
- Forward-looking indicators barely budged. Net optimism towards the economy one year out went from +14 to +17, and when assessing the five-year outlook, optimism was unchanged at +15. Respondents’ views regarding their own financial situation in 12 months’ time were little changed at +32 versus +33 last month.
- Seasonally adjusted estimates showed a 4 point lift in headline confidence, a 9 point rise in current conditions, and a 3 point increase in future conditions.
- The unemployment rate has fallen to 4.9%.
- Firms’ biggest challenge is getting staff. Job ads are up stongly on a year ago.
- Beyond lifts in prices for food, petrol and housing, inflation is tame. That helps protect the savings nest egg.
- Auckland house price momentum might be sputtering but most of the rest of New Zealand is doing okay.
- Tax rate tweaks are likely to be dangled in the upcoming Budget.
Click here to download the latest ANZ-Roy Morgan New Zealand Consumer Confidence Release PDF - May 2017.
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The latest Roy Morgan Consumer Confidence Monthly Report is available on the Roy Morgan Online Store. It provides demographic breakdowns for Age, Sex, State, Region (Capital Cities/ Country), Generations, Lifecycle, Socio-Economic Scale, Work Status, Occupation, Home Ownership, Voting Intention, Roy Morgan Value Segments and more.
You can also view our monitor of Quarterly New Zealand Unemployment & Under-employment Estimates.