NZ Consumer Confidence Drops From Highest in Over 4 Years

The ANZ-Roy Morgan Consumer Confidence decreased to 100.1 in February 2026 from 107.2 in January, unwinding January’s sharp rise to over 4-year highs. The share of households seeing it as a good time to purchase a major household item, a key retail indicator, fell 5 points to -4, falling back into negative territory. The future conditions index fell to its November level (106.9 vs 113.5) and the current conditions index dropped to just below its year-end level (90.0 vs 97.7). Assessments of current personal finances also declined (-16% vs -6%), indicating that the recent bump in the road is being felt through experience. A net 20% of respondents see their financial situation to be better a year from now. Expectations for the economy over the next year decreased 7 points to -8%, while the 5-year-ahead outlook fell 4 points to +8%. Lastly, house price inflation expectations eased (3.6% vs 3.7%), while 2-year inflation expectations were little changed (at 4.7%).

The ANZ-Roy Morgan Consumer Confidence increased to 107.2 in January 2026 from 101.5 in December, marking its highest level since August 2021. The share of households seeing it as a good time to purchase a major household item, a key retail indicator, rose 2 points to +1, the first positive reading in nearly four years. The future conditions index rose to its strongest level since May 2021 (113.5 vs 108.9) and the current conditions index climbed to its highest since December 2021 (97.7 vs 90.4). Assessments of current personal finances also improved (-6% vs -18%), indicating that the confidence boost is based on the experience rather than hopes. A net 29% of respondents see their financial situation to be better a year from now. Expectations for the economy over the next year increased 5 points to -1%, while the 5-year-ahead outlook edged up 1 point to +12%. Lastly, house price inflation expectations eased (3.7% vs 4%), while 2-year inflation expectations were steady (at 4.6%).

The ANZ-Roy Morgan Consumer Confidence rose to 101.5 in December 2025, its highest level since September 2021. The future conditions index climbed to 108.9, the strongest since July 2021, while the current conditions index increased to 90.4, a one-year high but still indicating subdued conditions. Views on personal finances remain weak, with perceptions of current finances at -18%, though expectations improved, with a net 22% expecting to be better off next year, the highest since April. Buying intentions also strengthened, with the indicator for major household items rising 8 points to -1, its best level in over four years. Inflation expectations eased, with 2-year CPI expectations falling to 4.6% from 5.2%, supporting confidence gains, while house price inflation expectations edged up to 4.0%.