Consumer confidence holding up

JAMES WEIR
Last updated 14:03 21/06/2013

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Consumer confidence is holding up at high levels, pointing to greater household spending and a growing economy.

The latest ANZ-Roy Morgan Consumer Confidence Index was 123.9, largely unchanged on a month ago, but still high compared with the historic average of 116.1.

Consumers appeared "self-assured", ANZ said, and stripping out the typical seasonal pattern, confidence was inching higher.

The seasonally adjusted headline measure showed a 3 point lift from 124 to 127 - the fourth successive monthly rise.

"It's starting to look like a trend" ANZ said.

Confidence was lifting on the back of a broader economic expansion, not just a recovery from the past recession. The economy grew 2.4 per cent in the March year, according to Statistics NZ figures out yesterday.

ANZ's consumer and business confidence surveys are flagging growth lifting to about 3.7 per cent by the end of this year, ANZ said.

Consumers said they felt marginally better off financially than a year ago. They also expected to be better off in a year from now, at a net 33 per cent positive, though not quite as upbeat as last month.

People also think it is a good time to buy a big household item, at a net 41 per cent, down from 44 per cent last month.

Consumer confidence reached its best level in Wellington since 2007, but Canterbury remained the most upbeat region. All regions were more confident, aside from Auckland.

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- BusinessDay.co.nz

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