Financial News: New Zealand Consumer Confidence Remains Extremely Low: ANZ

New Zealand Consumer Confidence Remains Extremely Low: ANZ-Roy Morgan Poll

05/26/2023 - 05:24:00 (RTTNews)

(RTTNews) - New Zealand's consumer confidence was basically unchanged at an extremely low level in May as households remained under pressure amid a tight labor market and the rising cost of living, results of the monthly ANZ-Roy Morgan survey showed Friday.

The ANZ-Roy Morgan consumer confidence index was unchanged at 79.2 in May, the survey showed. A reading below 100 suggests pessimism.

The proportion of consumers who felt this was a good time to buy a big-ticket household item decreased by 3 points to -34.

Consumers' one-year ahead inflation expectations eased to 4.8 percent from 5.2 percent. That's only the second time since mid-2021 that they've dipped under the 5 percent mark, the survey report said.

Households' view over personal financial situation improved, thought the proportion who felt those who expect to be better off this time next year eased slightly.

Pessimism regarding the economic outlook in 12 months improved, while perceptions regarding the 5-year-ahead period worsened sharply.

House price inflation expectations were little changed at 0.4 percent and were the strongest in Auckland.

"While the labor market remains tight, conferring both a high degree of job security and strong wage growth, ongoing cost of living increases, including higher mortgage rates for the 38 percent of households who have a mortgage, continue to bite," ANZ said.

"Uncertainty is no doubt also taking a toll, with the RBNZ still attempting to cool the economy in order to bring inflation sustainably lower."

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