The ANZ-Roy Morgan Consumer Confidence Index fell 4 points to 119, the lowest read in six months but fairly close to its historical average. The Current Conditions Index fell 4 points to 126, undoing much of its lift the previous month, while the Future Conditions Index also fell 4 points to 115.
Consumer confidence fell 4 points in May but remains off the lows of late- 2018. The overall index sits just below its historical average of 120. Within this, the current conditions index (126.2) sits well above confidence in future conditions (114.7). This is not unusual at this ripe stage of the business cycle.
Consumer confidence is holding up pretty well in the face of housing market softness in Auckland and Christchurch, and a cooling economy more broadly. This resilience likely primarily reflects the strong labour market – and now, markedly lower mortgage rates. A high proportion of people still think it’s a good time to buy a major household item, which history suggests will be supportive of spending in the near term.
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