New Zealand Consumer Morale Rises to 6-Month High

The ANZ-Roy Morgan Consumer Confidence index rose by 6 points to 98.8 in June, marking the highest reading since December.

All component indicators improved, though many remain subdued by historical standards.

The proportion of households saying it’s a good time to buy a major household item increased 3 points to -7, still pointing to soft retail sentiment.

Inflation expectations jumped 0.3 percentage points to 4.9%—the highest level since April 2023—likely driven by persistent food price inflation (4.4% y/y), as well as concerns over rising energy and electricity costs.

While higher inflation expectations from households may not significantly impact overall inflation trends or wage outcomes, they do reflect a continued sense of cost-of-living pressure.

The future conditions index rose 8 points to 104.8, and the current conditions index gained 3 points to 89.8, suggesting slightly improved optimism about both present and future economic conditions.