- The proportion of people who believe now is a ‘good time to buy a major household item’, the best indicator for spending, fell 6% points to 21% while a majority of 51% (up 1% point) say now is a ‘bad time to buy a major household item’ – a net reading of -30.
- In welcome news for the RBNZ, inflation expectations fell from 5.6% to 5.1%.
The ANZ-Roy Morgan Consumer Confidence Index dipped slightly in May. With real wages falling, interest rates rising, house prices and equities falling and Omicron still prevalent, consumers aren’t seeing much to feel happy about.
Turning to the detail:
- Perceptions of current personal financial situations fell 2 points to -17%.
- A net -1% expect to be worse off this time next year, down 5 points. It’s very unusual for this series to be negative.
- Households think it’s a very bad time to buy a major household item (-30%, down 7 points). Remarkably, this is much lower than in the recession following the Global Financial Crisis.
- Perceptions regarding the next year’s economic outlook were steady at -41%. The five-year outlook rose 5 points to 0%.
- House price inflation expectations fell from 1.7% to just 1.1%.
- CPI inflation expectations eased 0.5%pts to 5.1%, the lowest read in eight months.
Click here to download the ANZ-Roy Morgan New Zealand Consumer Confidence Release PDF - March 2022.
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Related Research Reports
The latest Roy Morgan Consumer Confidence Monthly Report is available on the Roy Morgan Online Store. It provides demographic breakdowns for Age, Sex, State, Region (Capital Cities/ Country), Generations, Lifecycle, Socio-Economic Scale, Work Status, Occupation, Home Ownership, Voting Intention, Roy Morgan Value Segments and more.
You can also view our monitor of Quarterly New Zealand Unemployment & Under-employment Estimates.
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