ANZ-Roy Morgan Consumer Confidence Index in New Zealand has dropped 7 points to 98 in October.
- Its long-term average is around 120.
ANZ say this data suggests trouble ahead for the retail sector. From the report, the "Key points"
- Consumer confidence fell 7 points to 98 in October, with both perceptions of current conditions and expectations down sharply.
- The proportion of people who believe it is a good time to buy a major household item didn't rebound from last month's 20-point fall - it remained at -7.
- Inflation expectations went ballistic, rising more than 1% to 6.2%. House price inflation expectations lifted from 6.1% to 6.7%.
ANZ citing:
- inflation, mortgage rate rises, COVID uncertainty, and supply shortages.
- Whatever the cause, this series will be key to watch for gauging momentum in the economy as the year progresses.
