Kiwis’ consumer confidence up

Consumer confidence in New Zealand increased for a second month in January with households being more upbeat about the future. The ANZ-Roy Morgan consumer confidence index rose to 128.9 from 126.5 in December, reflecting elevated optimism that comes as this time of the year. The index of current conditions edged up 0.7 to 126.8, while the future conditions index rose to 130.3 from 126.8 in January. On a seasonally adjusted basis, confidence slipped 1.8 points to 125 – but still above the decade average of 119. “Levels of confidence remain elevated and households are still optimistic over the future, suggesting the domestic expansion has more legs,” says Steve Edwards, an economist at ANZ. Ten per cent of respondents to the survey say they are better off than a year earlier, up from nine per cent in December, while 33 per cent expect to be better off as this time in 2016 – up from 29 per cent. Twenty-nine per cent anticipate good economic conditions in the coming 12 months, up from 24 per cent in December, and the same proportion anticipate continuous good times over the next five years.