Consumer confidence rose 5.6 pts to 96.5 in Q4 2025. Households are feeling more optimistic about the outlook for the economy, and that’s given spending appetites a boost.

• The countdown to Christmas is on. The weather is warming up. Barbeques are being fired up. And consumer confidence has taken a step higher in our latest survey of New Zealand households. 
• Our Westpac-McDermott Miller Consumer Confidence index rose 5.6 ppts in December, taking it to a level of 96.5. While that’s still a little below long-run averages, this is the highest level of confidence that we’ve seen this year. (Note: A level below 100 indicates that there are more households who are pessimistic about the outlook than those who are optimistic). 
• Underpinning that lift in confidence, households are feeling more optimistic about the outlook for the economy over the coming years. In fact, the proportion of people who expect economic conditions will improve over the coming year is the highest it’s been since 2021. And that growing optimism has also given spending appetites a boost. 

The Westpac McDermott Miller Consumer Confidence index edged down 0.3 ppts in September to a level of 90.9, effectively unchanged from the June quarter and still a fair way below historic averages.

• With the economy hitting a soft patch mid-year and cost of living pressures on the rise, economic confidence in New Zealand has remained soggy. 
• The Westpac McDermott Miller Consumer Confidence index edged down 0.3 ppts in September to a level of 90.9 – effectively unchanged from the June quarter and still a fair way below historic averages. (Note: A level below 100 indicates that there are more households who are pessimistic about the outlook than those who are optimistic). 
• Notably, confidence has remained subdued despite the RBNZ’s recent OCR cut and indications that there will be some further reduction later this year. 
• That lingering softness in consumer confidence in the face of falling interest costs highlights that factors such as softness in the jobs market, increases in living costs and softness in house prices remain big concerns for many households. Those concerns are also weighing on spending appetites.

The Westpac McDermott Miller Consumer Confidence index rose two points in June, taking it to a level of 91.2. Consumer confidence remains a fair bit below average levels.

• It’s been a bumpy and uncertain few months. And against that backdrop, New Zealand households have remained nervous about the economic outlook.
• The Westpac McDermott Miller Consumer Confidence index rose two points in June, taking it to a level of 91.2. That’s a fairly modest rise after the sharp fall we saw last quarter, and leaves consumer confidence a fair bit below average levels (Note: A level below 100 indicates that there are more households who are pessimistic about the outlook than those who are optimistic).
• That continued softness in economic confidence comes against a backdrop of mixed economic conditions. While domestic economic growth is now turning higher, for now activity remains uneven across regions and industries. At the same time, a number of major geopolitical events continue to cast shadows over the outlook.