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ANZ senior economist Sharon Zollner said New Zealand consumers appeared to be "a resilient lot".
The index eased by 3.6 points from 129.9 to 126.3 in October, a historically high level. The consumer confidence seasonality index fell four points to 129.1, still the third-highest level in the past three years, she said.
The current conditions index dipped 2.2 points to 124 and the future conditions index fell 3.8 points to 127.8.
Consumers felt wealthier, Ms Zollner said.
A net 15% felt better off financially than a year ago, down from September’s 19%, a 10-year high. The 10-year average was slightly negative, meaning the October reading compared well with the average.
A robust net 34% believed it was a good time to buy major household items.
Perceptions of the economic outlook fell, she said.
The number optimistic about the economy one year out fell from 30% to 25% and the five-year outlook fell from 29% to 25%.
Auckland was now the least optimistic region. Confidence rose in Wellington.