Consumer confidence picks up
Thu, 15 Nov 2012 2:38p.m.
New Zealand consumer confidence has risen, with Kiwis feeling more upbeat about the future and more people seeing better times financially over the next 12 months.
The ANZ-Roy Morgan consumer confidence measure rose to 114.1 in November from 110.5 in October. A reading above 100 indicates there are more optimists than pessimists.
The current conditions index edged up to 110.2 from 109.6 and has held around these levels since the start of the year, while the future conditions index climbed to 116.7 from 111.
"Households have become more circumspect over the future and have pared back lofty expectations on the general economic outlook as the reality of a moderate medium-term growth environment sinks in," ANZ senior economist Mark Smith said.
The survey has displayed "a zigzag pattern over the past year".
Little change in the current conditions index this year suggested consumers weren't significantly increasing household spending.
The November survey follows economic figures on retail sales and unemployment, which both highlighted the weakness of the economy in the third quarter.
Thursday's confidence survey showed people think house prices will rise 3.5 percent over the next two years, down from a 3.7 percent expected in last month's survey.
Those deeming now a good time to buy major household items held unchanged at a net 26 percent while the balance of those feeling better off financially now than a year ago improved to -6 from -7.
Canterbury was the most upbeat region, with confidence rising 15 points to 123, followed by Auckland on 115. Confidence in Wellington was 110, the lowest of any region.
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16/11/2012 7:22:20 a.m.
Labour/Greens will be calling for an inquiry, claiming this is a crisis! The opposition doesn't want consumer confidence.What would Labour/Green policy do? Print money, devalue our dollar, borrow more, give us double digit inflation, that would see decreases in real wages. While NZ First hasn't officially said 'Print Money' they have said devalue our dollar and increase inflation (with saying the reaserve bank needs to stop its low inflation targets) - and how were they going to do this but print money? Devaluation, borrowing, inflation are not the answer.What will more money do to our housing prices but push them higher? It will also make NZ housing/land cheaper through devaluation for overseas to buy. Add to that reduced real wages and the oppostion have not explained how less real wages, higher prices, will make us better off.The world is in recession and NZ doing quite well compared to the world. This does not mean NZ doing well itself, just the rest are doing worse.NZ still in a mess and on the road to being a Greece of the South Pacific. The last time NZ had a balance of payments surplus was 1973, ie we have been living outside out means and borrowing for 40 years! Look to the trouble in the EU, its countries who have done the same borrow/borrow/borrow and our economy is in a mess and 90% of NZs just ignore the problem. We need to get the govt books and NZ as a whole back into the black vs continuing borrowing that will see Greece type problems if we continue to ignore the problems.
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