Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NZ consumer confidence slips in May

NZ consumer confidence slips in May

By Tina Morrison

May 22 (BusinessDesk) - New Zealand consumer confidence slipped in May as sentiment about current and future conditions eased.

The ANZ-Roy Morgan consumer confidence index fell to 123.9 in May from 128.8 in April. The current conditions index dropped to 124.6 from 130.3 last month, while the future conditions index declined to 123.4 from 127.8.

"Consumer confidence is down, but the level remains very respectable and healthy," said ANZ Bank New Zealand chief economist Cameron Bagrie. "We continue to pencil in 3 percent real GDP (gross domestic product) growth over the year ahead, featuring modest employment growth and the same for consumption and retailing."

The confidence survey of 990 people found a net 7 percent felt they were better off financially than this time last year, down from 12 percent in April. A net 25 percent expected to be better off financially this time next year, down from 31 percent in April.

Meanwhile, a net 21 percent expected New Zealand's economy would have good financial times in the next 12 months, down from 27 percent last month. The country was expected to have continuous good times ahead over the next five years, according to a net 25 percent of people surveyed, unchanged from last month.

A net 42 percent of people considered it a good time to buy a major household item, down from 49 percent last month.

Respondents said they expect consumer prices to increase to an annual pace of 3.6 percent over the next two years, rebounding from 2.8 percent in April which marked the lowest reading in the survey's history.

They predict an annual 5.5 percent rise in house prices over the same period, up from 5 percent last month. While expectations for Auckland house price gains were a "frothy" 6.7 percent, Wellington showed the largest jump, up to 6.9 percent from 4.4 percent.

ANZ said next month's survey would likely show whether measures by the Reserve Bank and the government to cool the housing market had had an impact.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: Auckland Population May Hit 2 Million In Early 2030s

Auckland’s population may rise from about 1.7 million currently to 2 million by early next decade, Stats NZ said today. “Auckland will likely have the highest average annual growth of New Zealand’s 16 regions over the next 30 years, from ... More>>


Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>

LPG Association: Renewable LPG Achieves Emissions Budgets With No Need To Ban New LPG Connections

Renewable LPG can supply New Zealand’s LPG needs and achieve the emissions reductions proposed by the Climate Commission without the need to ban new connections, a new study shows. The investigation, by leading consultancy Worley, was prepared for the ... More>>