Consumer confidence has surged higher in the latest survey and is at its highest level since January 2008 when the economy started in recession. The mid September Roy Morgan Consumer Confidence Rating rose 5.5 points to 120 and is 10.1 points higher than a year ago. This large rise has been driven by the increasing confidence New Zealanders have about both the short and long-term future. Now 56% (up 5% - and the highest since March 2008) of New Zealanders expect to be "˜better off' financially in a year's time compared to 12% (down 5% - and the lowest since January 2007) that expect their family to be "˜worse off' financially in a year's time. Over the next 12 months 47% (up 5% "” and the highest since April 2007) expect "˜good times' economically for the country while 28% (down 3% - and the lowest since December 2007) expect "˜bad times.'
A majority 64% (up 5% - and the highest recorded) "˜good times' for New Zealand during the next five years compared to 13% (down 1%) who expect "˜bad times.' Looking back over the past year, 25% (up 2%) say that their family is "˜better off' financially than a year ago compared to 43% (down 2%) that say their family is financially "˜worse off' than a year ago. In terms of buying major household items now 45% say now is a "˜good time to buy' major household items while 42%, say now is a "˜bad time to buy' major household items. "Clearly as New Zealanders become more confident about the future the chances of growth returning to the economy increase "” the latest figures showing that 42% say now is a "˜good time to buy' major household items are also a strong pointer to improving retail sales in the weeks ahead." a Roy Morgan spokesperson said. This survey was conducted from August 31 - September 13, 2009, across New Zealand by telephone with a cross section of 1,058 people aged 14 and over. These results are part of a twice-monthly survey, and are the final set to be published before the quarterly Westpac McDermott Millar survey is published next Tuesday. The Roy Morgan survey is usually an excellent predictor of the Westpac results. Roy Morgan also released its update to its political poll at the same time.
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