- The proportion of people who believe it is a good time to buy a major household item fell another 2% points to 26% while a majority of 51% (up 2% points) say it is a bad time to buy.
- Inflation expectations rose to 6% in March. House price inflation expectations eased from 4.8% to 2.7%, and are now lowest in Wellington at only 0.7%.
The ANZ-Roy Morgan Consumer Confidence Index dropped further to a fresh record low in March, as a perfect storm of Omicron, rising living costs, a retreating housing market and rising interest rates soured the mood.
Turning to the detail:
- Perceptions of current personal financial situations fell 6 points to -24%, the lowest since 2011.
- A net 9% expect to be worse off this time next year, down 7 points. That’s a record low by a long way, and it’s hard to put that down to Omicron alone.
- Households think on balance that it’s a terrible time to buy a major household item (-26%, down 5 points). This is the single best economic indicator in the survey.
- Perceptions regarding the next year’s economic outlook fell another 3 points to -45%. The five-year outlook lifted slightly to -7%.
- House price inflation expectations fell 2%pts to 2.7%, the lowest since July 2020.
- CPI inflation expectations lifted 0.4%pts to 6.0%, only the second time it’s breached the 6% level.
Click here to download the ANZ-Roy Morgan New Zealand Consumer Confidence Release PDF - March 2022.
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You can also view our monitor of Quarterly New Zealand Unemployment & Under-employment Estimates.
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