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Consumer confidence rises in New Zealand
Consumer confidence in New Zealand has grown this month to a three-year high. According to a survey conducted by Westpac McDermott-Miller confidence surged from 110.8 to 116.6 in the last quarter. A figure over 100 means that more people are optimistic than pessimistic.
Dominick Stevens, Westpac chief economist said that people were moving into spending mode. This is because of better economic prospects, falling prices, low interest rates and rising property prices.
According to the research, the number of people who would spend a windfall rather than save it has not been this high since 2004. The shift has been most pronounced in Auckland, where house prices continue to rise, and in older households.
The net percentage of respondents expecting their short-term financial situation to improve has risen from negative 5.8 to 13.8, the first time the figure has been positive since 2010.
The number expecting their finances to improve over the longer term is also up from 32.1 to 35.4 per cent. The number of people who believe that now is a good time to splash out on a significant household purchase is up from 30.8 to 34.4 per cent. McDermott-Miller managing director Richard Miller said consumer optimism has remained high over the last three consecutive quarters.
Dominick Stevens, Westpac chief economist said that people were moving into spending mode. This is because of better economic prospects, falling prices, low interest rates and rising property prices.
According to the research, the number of people who would spend a windfall rather than save it has not been this high since 2004. The shift has been most pronounced in Auckland, where house prices continue to rise, and in older households.
The net percentage of respondents expecting their short-term financial situation to improve has risen from negative 5.8 to 13.8, the first time the figure has been positive since 2010.
The number expecting their finances to improve over the longer term is also up from 32.1 to 35.4 per cent. The number of people who believe that now is a good time to splash out on a significant household purchase is up from 30.8 to 34.4 per cent. McDermott-Miller managing director Richard Miller said consumer optimism has remained high over the last three consecutive quarters.
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