Consumer confidence falls back

Consumer confidence fell 1.1 points last week to 85.7 points. The four-week moving average decreased 0.2 points to 86.4 points.

‘Weekly inflation expectations’ ticked up 0.3 percentage point to 5.0 per cent, while the four-week moving average rose 0.1 percentage point to 4.8 per cent.

‘Current financial conditions’ (over the last year) decreased 0.5 points and ‘future financial conditions’ (next 12 months) fell 4.2 points.

‘Short-term economic confidence’ (next 12 months) declined 2.2 points, while ‘medium-term economic confidence’ (next five years) dropped 0.7 points.

The ‘time to buy a major household item’ subindex increased 2.5 points.

"Consumer Confidence fell 1.1 points last week, but has remained within the relatively narrow range of 82-88 since mid-August," ANZ Economist, Sophia Angala said.

"The decline was largely broad-based, with households feeling less confident about both the financial and economic outlook. Inflation expectations ticked up 0.3 percentage point to 5.0 per cent last week, a three-month high.

"‘Time to buy a major household item’ was the only subindex to rise last week, increasing 2.5 points to 81.5 points. The subindex is now at its strongest since late 2022, likely linked to Black Friday sales events."

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