Westpac McDermott Miller Consumer Confidence, June quarter 2021
The Westpac McDermott Miller Consumer Confidence Index rose 1.9 points in the June quarter, taking it to a level of
107.1.
“Although consumer confidence is still a little below average levels, it has now recovered most of the fall that we saw
in the wake of last year’s lockdown,” said Westpac’s Acting Chief Economist Michael Gordon. “The economy is showing some
solid momentum and households are feeling increasingly secure about their own financial position.”
“The lift in consumer confidence will be particularly welcome news for New Zealand’s hospitality sector,” noted Mr
Gordon. “With most international travel still on hold and confidence in the economic outlook increasing, households are
dialling up their spending on entertainment activities closer to home. That’s helping to offset the drag from the loss
of international tourist dollars.”
“Consumer confidence in New Zealand has lifted slightly by 1.9 points since last quarter to 107.1 (an increase that is
within the margin of error for the survey). New Zealand consumers are cautiously optimistic about their own and New
Zealand’s economic future as the global Covid-19 situation remains unclear,” stated Imogen Rendall, Market Research
Director of McDermott Miller Limited.
“All age groups are now positive, and those aged 30-49 remain the most buoyant despite a drop of 2.2 points from last
quarter to 111.7. Young people have seen an increase in optimism, with a rise of 4.6 points and consumer confidence now
at 110.4. In contrast, although optimism has increased 4.0 points for those aged 50 and over, this group is still
uncertain about the future, with their consumer confidence at 101.4,” stated Ms Rendall.
A full description of the background and specifications of the survey are attached. The survey was conducted over 1-12
June 2021, with a sample size of 1,555. An index number over 100 indicates that optimists outnumber pessimists. The
margin of error of the survey is 2.5%.
Acknowledgement
The Westpac McDermott Miller Consumer Confidence Survey and Index is owned by McDermott Miller Limited. Westpac
McDermott Miller should be acknowledged as the source when citing the Index. Graphs supplied may be reproduced by the
news media provided the Westpac McDermott Miller logo remains inset.