In respect to the ANZ NZ consumer confidence gauge today, analysts at ANZ explained that on many levels, it is encouraging that headline consumer sentiment is still holding at reasonable levels.
Key Quotes:
"Consumer confidence slipped further in November, but remains above its historical average.
The current conditions index rose slightly; future conditions fell.
Consumers appear to be looking through housing headwinds and the recent period of political uncertainty, seemingly happy to go with the flow, but with a cautious eye to the future."
"Yes it is off its highs, but at a time of far more subdued housing market activity (and far more subdued house price expectations), petrol price increases, lower NZD (making that overseas trip a little more expensive), and heightened political and policy uncertainty, one could have been forgiven for thinking that consumers would be more inclined to go into their shells. Clearly, the strong labour market should not be discounted as a powerful supportive force."
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