The ANZ-Roy Morgan Consumer Confidence Index has lifted from 125.4 to 126.2 in August, with sentiment well above its long-run average of 119. The seasonally adjusted rose 2 points to its highest level since July 2014.
According to the findings, 38% of the respondents believe it’s a good time to buy a major household item.
Despite the moderation across the housing market, consumer confidence remains elevated and “points to a solid pace of spending-based activity”.
“The economy is typically tied to the fortunes of the property market,” the report said.
“Rising house prices lifts property owners’ wealth and encourages spending and the reverse also applies.”
Consumers feel wealthier with 12% of the respondents feel better off than a year ago. New Zealanders views regarding their own financial situation in 12 months’ time has lifted.
Perceptions regarding the economic outlook remain resilient. Net optimism towards the economy has lifted from a year ago and has generally eased when assessing the five-year economic outlook.
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