Consumers are still feeling fairly confident, according to the latest index from ANZ-Roy Morgan, which pegged confidence at the end of January at 121.7.

This is seven points off the index’s low point in October last year, but also six points off its March 2018 high.

The overall index is in line with its historical average, with consumer attitudes towards current and future conditions about the same.

While consumers have some concerns about the overall economic outlook, their confidence regarding their own economic situation is slightly above average.

The proportion thinking it’s a good time to buy a major household item was unchanged from January at 36 per cent.

Wellington remains the most confident region in New Zealand, while the least confident region is Canterbury.

The ANZ-Roy Morgan Consumer Confidence index is based on both business expectations and intentions as well as overall consumer sentiment, capturing both the demand and supply side of the economy.

It continues to suggest momentum in the economy has slowed markedly, but it has found a floor as business sentiment has bounced somewhat.

Analysts anticipate growth of around 2.5 per cent for the next few years, with consumption supported by the strong labour market but capped by weaker population growth, high household debt and a flat-to-weaker Auckland housing market.