The ANZ-Roy Morgan Consumer Confidence Index rose 3 points to 123, unwinding most of last month’s fall to sit a bit above its historical average. The Current Conditions Index rose 2 points to 128, while the Future Conditions Index rose 4 points to 119.
Consumer confidence rose 3 points in June to be above its historical average of 120. As has been the case for some time, the current conditions index (127.6) sits well above confidence in future conditions (119.3), though the latter rose more this month.
Consumer confidence has proven resilient in the face of housing market softness in Auckland and Christchurch. No doubt stronger housing markets elsewhere helped, along with the strong labour market and lower mortgage rates. Despite the clearly cooling economy, confidence in the future of the economy lifted. This will have helped support the high proportion of people still thinking it’s a good time to buy a major household item, which will be supportive of spending in the near term.
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