Consumer confidence blips up in Roy Morgan survey

Consumer confidence blipped up in mid January, a survey by Roy Morgan has found. Confidence about buying a major household item rose to its highest level since March last year as the benefits of lower petrol prices, lower interest rates, tax cuts and deep sales discounts flowed through to consumer sentiment. The Roy Morgan index rose 3.6 points to 103.7, which was above the 99.9 average for 2008, but well below the 121.2 seen at this time a year ago. The survey found 48% (up 6%) of New Zealanders believed now was a "˜good time to buy' major household items, while 39% (down 5%) said now was a "˜bad time to buy' major household items. It found 38% (down 4%) of respondents said their family was financially "˜worse off' than a year ago, while 31% (up 3%) said that their family was "˜better off' financially than a year ago. Respondents said they were positive about their family's financial position, with 50% (unchanged) expecting their family to be "˜better off' financially in a year's time, while 22% (down 1%) expected to be "˜worse off' financially in a year's time. * This article was first published in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.