There is little for retailers to cheer about in the latest survey on consumer confidence.
The ANZ Roy-Morgan consumer confidence survey for August has fallen a point to a below par reading of 98.
A reading below 100 means there are more pessimists than optimists.
Ninety-eight is, however, still 18 points up on the April low.
Of concern for retailers is that the proportion of households thinking it’s a good time to buy a major household item fell 5 points to -12.
ANZ economists say that while the economy has emerged from the sudden chill that bit when oil prices exploded higher at the end of February, oil prices remain unpredictable and uncertainty about the economic outlook remains a headwind.
Looking ahead things are a bit more positive.
The survey showed a net 22 percent of respondents expect to be better off this time next year, the strongest reading since January.
Perceptions regarding the economic outlook over the next 12 months improved 1 point to -12 percent.
The five-year-ahead measure also rose 1 point, to +13 percent, its strongest reading since May 2021.
Expectations around house price inflation eased from 2.6 to 2.5 percent while two-year-ahead inflation expectations were steady at 4.7 percent.
https://www.rnz.co.nz/news/business/1160000/consumer-confidence-slips-back-on-oil-price-uncertainty
