New Zealand consumer confidence strengthened to the highest level in more than a year in November, survey data from ANZ Bank showed Friday.
The ANZ Roy Morgan Consumer Confidence Index rose to 127.2 in November from 122.9 in October. This was the highest score since April 2015 and the reading improved for six consecutive months.
The current conditions and future conditions indexes rose 4 points each, to 127.3 and 127.2 respectively.
A net 13 percent feel better off compared with a year ago, which was the highest since June 2014.
Net optimism towards the economy in 1 and 5 years' time rose to a net 23 percent and 28 percent respectively, taking both back to levels seen in early 2015.
The confidence composite gauge, which combines business and consumer sentiment, pointed to GDP growth accelerating to north of 4 percent.
However, the majority of responses were received prior to recent earthquakes. How confidence behaves going forward will be a key factor in determining any wider near-term economic fall-out, the bank said.
Nonetheless, the bank said strong momentum and elevated levels of confidence are important as they give the economy far more resilience to deal with negative shocks.
For comments and feedback: editorial@rttnews.com