Photo: Yiting Lin / RNZ
- Consumers remain mildly pessimistic
- Fewer worried about their current financial position, but overall negative
- Less confidence in longer term economic and personal outlooks
- No enthusiasm to buy big ticket item
Consumers remain mildly pessimistic, generally still feeling less secure financially, downbeat on the short and longer term outlooks, and still not ready to buy big ticket items.
The ANZ-Roy Morgan consumer confidence survey for February was little changed at 96.6, after edging through the 100 point optimism level for the first time in three years in December.
ANZ chief economist Sharon Zollner said the survey showed caution, in the same way business sentiment was steady.
"Like businesses, consumers are feeling much more upbeat than six months ago, but they are hardly gung-ho.
"That makes sense, given the unemployment rate is likely yet to top out."
Questions asked about household financial and national economy outlooks were little changed.
A companion survey of businesses showed confidence has recovered but firms were looking carefully and waiting for the effect of lower interest rates.
Zollner said there was little comfort for retailers with the number thinking it is a bad time to buy a big ticket item stuck at 15 percent.
"A further improvement is needed before this indicator will be pointing to positive real retail spending year on year."
Zollner said that would likely not be until the labour market started to improve in the second half of the year.
She expected the Reserve Bank to deliver more smaller rate cuts in coming months.
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