New Zealand consumer confidence lifts in Oct but households remain wary- ANZ survey
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2023-10-27 05:59
SYDNEY Consumer confidence in New Zealand rose in October but more remained wary about purchasing major household items,

SYDNEY Consumer confidence in New Zealand rose in October but more remained wary about purchasing major household items, the best retail indicator, ANZ-Roy Morgan data showed on Friday.

The consumer confidence index rose to 88.1 in October from 86.4 in September. A reading above 100 shows optimism, while below that indicates pessimism.

A net 38% thought it was a bad time to buy a major household item, a 6-point drop from the previous month.

"The level remains very weak, consistent with ongoing softness in per capita retail spending," ANZ Chief Economist Sharon Zollner said in a statement. "Those paying off a mortgage continue to be more cautious about spending than those who are not, understandably."

(Reporting by Renju Jose in Sydney)

Tags economy newzealand epus finance consumerconfidence