Inauguration scenes not unhelpful to confidence

Media release

Newmarket Business Association

Tuesday 20 January 2009

Unprecedented inauguration scenes not unhelpful to consumer confidence

Auckland's leading retailing district says the positive hype around the US presidential inauguration of Barack Obama will lift a lot of people's spirits and that's not unhelpful to consumer confidence.

"The United States had the worst December in retail for about 40 years so all this excitement could not have come at a better time. In fact around the world I'm convinced the imagery will lift a lot people’s spirits and outlook on life even subconsciously which can only be good,” says Cameron Brewer, head of the Newmarket Business Association.

"We've been long overdue some positive international news coverage, and so this is a bit of a break in the bad weather. The challenge is whether the American statisticians can actually gage any changes in consumer behaviour at this time.

"In New Zealand any morale boost probably won't be demonstrable. However when New Zealand elected a new administration in November, we probably saw a slight rally in business and consumer confidence or at the very least a slowing down of the doom and gloom. It's all about a sense of renewal.

"Like major national or international sporting occasion, you can't underestimate the impact such an event has on consumer behaviour," says Mr Brewer.

ENDS

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