Consumer confidence fell in March, ANZ-Roy Morgan survey finds

Consumer confidence fell in March, according to the latest ANZ-Roy Morgan survey. Photo / NZME

Consumer confidence is struggling to get out of the doldrums.

The ANZ-Roy Morgan Consumer Confidence index fell by four points to 93.2 in March, ANZ says.

The bank, in a report titled “A bit of a slog”, said confidence was generally trending higher but “it’s fair to say it’s making hard work of it”.

The proportion of households thinking it was a good time to buy a major household item - the best retail indicator - eased one point to 16, it said.

Inflation expectations rose by 0.2 of a point to 4.2%.

“While that’s a small increase, it’s the first time since June 2024 that expectations have been above 4%,” ANZ said.

Its “future conditions index” - made up of forward-looking questions - eased two points to 100.7.

The current conditions index fell five points to 81.9.

Perceptions around current personal financial situations fell nine points to minus 21%.

A net 16% expected to be better off this time next year, down five points.

A net 16% thought it was a bad time to buy a major household item, a figure that had hardly changed.

Perceptions regarding the economic outlook in 12 months’ time fell four points to minus 20%.

The measure for five years ahead rose from 5% to 6%.

House price inflation expectations lifted slightly from 3.2% to 3.4%, year-on-year.

Two-year ahead CPI inflation expectations rose 0.2 of a percentage point to 4.2%.

Earlier this week, the Westpac-McDermott Miller Employment Confidence Index showed employment confidence had fallen to its lowest level since September 2020.

Westpac said the index showed that labour market conditions remained very subdued in the early part of 2025.

Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.