The ANZ-Roy Morgan Consumer Confidence Index slipped 2 points in October 2026 to 96.2, remaining below the neutral level of 100 for the eighth consecutive month. While confidence is still subdued, it sits 16 points above its April low. New Zealand consumers remain pessimistic amid persistently high fuel prices and inflation that continues to outpace income growth. A weak New Zealand dollar is adding to cost pressures, though it is providing support to export-focused industries.
The net proportion of households who believe it is a good time to buy a major household item—a key gauge of retail demand—fell 10 points to -17%, as cost-of-living pressures further constrained spending intentions. Even so, some aspects of sentiment showed improvement. Expectations for personal finances over the coming year remained clearly positive, rising for a fourth consecutive month. House price inflation expectations eased to 2%, down from 2.4% and marking their lowest level since July 2023. Inflation expectations also moderated, falling to 4.2% from 4.5%, the lowest reading since March 2025.
