SYDNEY (Reuters) – Consumer confidence in New Zealand rose in October but more remained wary about purchasing major household items, the best retail indicator, ANZ-Roy Morgan data showed on Friday.
The consumer confidence index rose to 88.1 in October from 86.4 in September. A reading above 100 shows optimism, while below that indicates pessimism.
A net 38% thought it was a bad time to buy a major household item, a 6-point drop from the previous month.
“The level remains very weak, consistent with ongoing softness in per capita retail spending,” ANZ Chief Economist Sharon Zollner said in a statement. “Those paying off a mortgage continue to be more cautious about spending than those who are not, understandably.”
(Reporting by Renju Jose in Sydney)
