New Zealand Westpac Consumer Confidence rose from 88.9 to 93.2 in Q1, marking its highest level in over two years. Despite this rise, the index continues to hover below the pivotal 100 mark, indicating prevailing sense of pessimism among New Zealanders regarding economic conditions. Present Conditions Index saw significant uplift from 77.1 to 85.1, while Expected Conditions Index advanced modestly from 96.7 to 98.6.
Westpac’s analysis highlights that households are gradually feeling more optimistic about their financial situations, which has subsequently spurred an increase in “spending appetites”. This positive shift in consumer sentiment is observed across all income brackets, with “middle-income households exhibiting” the most marked improvement.
