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Consumer confidence climbs in the Capital

5 March 2018

Consumer confidence climbs in the Capital

Consumer confidence has jumped in the Wellington region, according to the latest ANZ Roy Morgan survey.

And the results have been welcomed by Wellington City Council’s Economic Development Portfolio Leader, Councillor Simon Marsh, who says the jump in consumer confidence supports other recent economic indicators that the regional economy is in good heart.

According to the February survey, consumer confidence lifted 6 points in the Wellington region with Wellington and the South Island (ex-Canterbury) now vying for the country’s top spot.

“Wellington has been bubbling away since December – and our outstanding summer has certainly got consumers out and about and in a good mood – a mood that encourages spending,” Cr Marsh says.

“Considering Wellington was in post-quake recovery mode and the traditional election year slowdown on spending occurred it looks as though business is in a healthy state.”

Cr Marsh says the ANZ Roy Morgan report supports the findings released by Infometrics last week in their December 2017 quarterly economic monitor that retail sales in the region are continuing to grow at a steady pace. Retail sales growth in the region in the December quarter was higher than the national average.

Other good news from the Infometrics report for Wellington City includes:

· The city experienced a net migration gain of almost 3000 in the year to December.

· The unemployment rate in the city was 4.2% in the quarter - down from 4.6% reported in the September quarter.

· Jobseeker Support recipients decreased by 7.5% in the year to December 2017 compared with the previous year.

· Guest nights, a measure of tourism activity, increased by 1.1% in the year to December 2017.

· Vehicle sales in Wellington performed well, particularly commercial vehicles. Registrations for commercials rose by 22% in the December 2017 year, above the national average of 16%.

Cr Marsh says the city can’t rest on its laurels, however. “We have an obvious and worsening housing shortage which is threatening to shut the door on many people – especially young people and those on low incomes – who want to live in the capital city.

“The City Council – via its 10-Year Plan - aims to tackle this housing problem in conjunction with the Government and the private sector. Similarly, we’re aiming to tackle the growing transport congestion that’s slowing the city down and we’re already working on projects to increase the city’s resilience.

ends

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