New Zealand: Consumer confidence hits highest reading since September 2021 in December
Latest reading: Consumer confidence came in at 100.2 in December, up from November’s 99.8. December’s result marked the best reading since September 2021. Consequently, the index moved above the 100-threshold indicating optimism among consumers for the first time in over three years.
In December, households grew more upbeat about inflation and their willingness to buy large items.
Panelist insight: On the data, ANZ analysts said:
“It’s early days, but lower interest rates are starting to work their magic. The mood of consumers is clearly shifting – it’s still very cautious, but confidence is well off its lows and the lift in recent months has been impressive. Indeed, both our Consumer Confidence and Business Outlook surveys are suggesting that the economy has pulled off an impressive turnaround in the last three months of the year.”