The Marketing Bureau


Specialist Marketing & Communications Resourecs

19

Sep

NZ Consumers More Optimistic


First Published on
www.businessday.co.nz

Consumer confidence is holding up in the expectation of better times ahead, despite last month's global financial market turmoil.

 

The Westpac McDermott Miller survey showed confidence unchanged in the September quarter at 112, pointing to a gradual lift in consumer spending.
A number above 100 shows more optimists than pessimists.

The survey was carried out in the first two weeks of September, in the lead up to the start of the Rugby World Cup on September 9. It is the second survey in a week to show signs of a recovery in the consumer mood.

"New Zealand households continue to turn their focus to recovery,‟ Westpac chief economist Dominick Stephens said.
 "While they remain cautious about their personal financial situation, they are becoming increasingly confident that economic prospects will improve over the coming year. Along with other recent business and consumer surveys, that bodes well for an ongoing gradual expansion in domestic spending."

The survey did show a drop-off in longer-term economic confidence.

That could reflect some of the recent bad news around the global economy, he said or the fact that we're starting to see some of the longer-run costs associated with the Christchurch earthquake, such as upward pressure on insurance premiums.

"But long-term economic optimism remains historically high and overall, the data show confidence remaining on track," he said.
Last week, the ANZ-Roy Morgan survey showed confidence dipped only slightly this month, which ANZ said was a "rather satisfying result" for the consumer mood.
 

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