New Zealand's November Consumer Confidence Hits Highest Level Since June

Data jointly released by ANZ-Roy Morgan on Friday showed that New Zealand's November consumer confidence index has risen to its highest level since June, as consumers increased spending on non-essential items and retail activity picked up. The November consumer confidence index jumped to 98.4 from 92.4 in October but remained below the 100 boom-or-bust dividing line.

ANZ Chief Economist Sharon Zollner said in a statement: "While consumer confidence has not yet broken out of its recent range, the significant improvement this month is certainly encouraging. Although the economic recovery is still in its early stages, this is not the only indicator showing improving consumption prospects."

The institution also observed that, supported by both declining interest rates and a resilient labor market, households' willingness to spend on durable consumer goods and leisure entertainment is gradually strengthening.