22 Apr 2011

Consumers keep tight rein on spending

12:12 pm on 22 April 2011

Consumer confidence has stabilised after falling to a two-year low in March following the Christchurch earthquake.

The monthly ANZ Roy Morgan Consumer Confidence index was unchanged in April, standing at 101.4. A reading above 100 shows optimism.

ANZ chief economist Cameron Bagrie says consumers remain cautious.

The latest figures on credit card spending, for March, appear to back up this view. Reserve Bank figures show credit card billings fell a seasonally adjusted 1.6% in March compared with February.