- The proportion of people who believe it is a ‘good time to buy a major household item’ increased slightly to 27% while exactly half of New Zealanders, 50%, say now is a ‘bad time to buy a major household item’.
- Inflation expectations fell back to 5.6%. House price inflation expectations eased from 2.7% to just 1.7%.
The ANZ-Roy Morgan Consumer Confidence Index recovered slightly in April. Over the month Omicron waned, but the RBNZ raised the Official Cash Rate by 50bp and strong inflation was confirmed in the official data.
Turning to the detail:
- Perceptions of current personal financial situations bounced 9 points to -15%.
- A net 4% expect to be better off this time next year, up 13 points. Back in the black – it’s very unusual for this series to be negative, as it has been for the past two months.
- Households still think on balance that it’s a very bad time to buy a major household item (-23%, up 3 points). This is the single best indicator for retail spending in the survey.
- Perceptions regarding the next year’s economic outlook recovered 4 points to -41%, still deeply pessimistic. The five-year outlook lifted very slightly to -5%.
- House price inflation expectations fell from 2.7% to just 1.7%.
- CPI inflation expectations eased 0.4%pts to 5.6%. Expectations have been bouncing around the 6% level in recent months.
Click here to download the ANZ-Roy Morgan New Zealand Consumer Confidence Release PDF - March 2022.
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