Cameron Bagrie, Chief Economist at ANZ, notes that the NZ consumers continue to go about their daily business, if readings from the ANZ-Roy Morgan survey are anything to go by. Key Quotes “At 118.0 the index is down a smidgen on February (119.7), but in line with the historical average. Sentiment has been oscillating in a reasonably narrow range over the past six months after coming out of a chocolate dip – another sign the economy is still in reasonable nick. We are neither shell-shocked nor egg-static. Key insights from the survey include: • Consumers are feeling better off compared with a year ago and this optimism is broadly unchanged on the month prior (+8 versus +9). Perceived wealth is a critical influence on spending decisions. It’s moving up and flags the same for spending. Encouragingly, consumers expect to be even better off 12 months down the track (+29). • A net 34% believe it is a good time to buy a major household item. That is down 6 points from February, but still elevated. • Respondents’ optimism over the short-term economic outlook slipped 5 points to a five-month low. But at +3, it’s still in positive territory. There is still more optimism on the longer-term outlook (+17). • The Current Conditions Index dipped 3 points to 120.8. That’s still above the historical average of 115, helping to keep wallets open. • The Future Conditions Index eased ever so slightly from 116.7 to 116.2 and sits below the long-term average. • Confidence rose in all regions apart from Auckland (in seasonally adjusted terms), with overall sentiment the most positive in Wellington and Canterbury.” For more information, read our latest forex news.