WELLINGTON, Nov 14: New Zealand consumer confidence surged to a near four year high in November, with longer term sentiment about the economic outlook bounding higher, a survey showed today.
The ANZ-Roy Morgan consumer confidence index rose to 128.4 from 122.3 in October. It was the highest reading since January 2010. A reading above 100 shows optimism, while below indicates pessimism.
The survey showed consumers felt slightly better off financially compared with a year ago, and much more optimistic about the economic outlook in the next 12 months, and also over the next five years.
The number thinking it was a good time to buy a major household item dipped to 33 percent from 34 percent the previous month.
The ANZ’s composite growth indicator, which combines its business and consumer sentiment surveys, suggested growth of close to 5 percent by early next year.
‘While this is pie in the sky stuff considering limits on productive capacity, it nevertheless underlines the strong degree of demand-side support to the current expansion,’ said chief economist Cameron Bagrie.
Earlier official data showed third quarter sales volumes rose only 0.3 percent, against expectations of a 0.9 percent rise.
(AGENCIES)
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