The ANZ-Roy Morgan Consumer Confidence Index recovered further in June. It has made back about half its fall, but is around 2009 levels.
New Zealand consumers are feeling more confident as life returns largely to normal and realise just how lucky we are. We’re getting on with our lives. However, we’ve had a solid dousing of cold water. Many people are worried about their jobs (or have lost them already), and the housing market is expected to be weak (figure 2). Willingness to buy major household items has bounced enormously off its lockdown lows, but remains at the levels prevailing in the last recession – hardly a period that retailers recall with fondness. The current flurry of spending as households spend their involuntary lockdown savings (and international holiday budgets) is likely to peter out relatively soon.
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