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NEW ZEALAND: ANZ Consumer Confidence Surges, Back To 2021 Levels

NEW ZEALAND
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The ANZ New Zealand consumer confidence measure surged to 99.8, up 9.4% in m/m terms. The index is now back to levels from Q3 2021. The chart below plots the index against q/q private household consumption growth in NZ (per the national accounts). If current trends are sustained it should see a better consumer spending backdrop, all else equal. 

  • We don't get Q3 GDP in NZ until Dec 19 though.
  • In terms of the detail of the ANZ print, family finances for the year ahead rose to +22 from +14 in Oct. The economy yr ahead was -8, versus -19 prior. Time to buy a major household item was -13, but up from -23 in Oct. 

 Fig 1: ANZ NZ Consumer Confidence Versus Household Consumption Q/Q 

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The ANZ New Zealand consumer confidence measure surged to 99.8, up 9.4% in m/m terms. The index is now back to levels from Q3 2021. The chart below plots the index against q/q private household consumption growth in NZ (per the national accounts). If current trends are sustained it should see a better consumer spending backdrop, all else equal. 

  • We don't get Q3 GDP in NZ until Dec 19 though.
  • In terms of the detail of the ANZ print, family finances for the year ahead rose to +22 from +14 in Oct. The economy yr ahead was -8, versus -19 prior. Time to buy a major household item was -13, but up from -23 in Oct. 

 Fig 1: ANZ NZ Consumer Confidence Versus Household Consumption Q/Q 

Keep reading...Show less