Consumer confidence in the economy remained on course at a "decent level'' of 119.7, around its historical average, ANZ chief economist Cameron Bagrie said.
Releasing the ANZ-Roy Morgan New Zealand Consumer Confidence Index, Mr Bagrie said the index dipped two points in February.
But for the third consecutive month, confidence was unchanged once seasonal influences were removed.
It had been a rough start to the year for the global economy.
Equities and bond yields had tumbled and credit markets have deteriorated.
"Chicken Little proponents have a lot - we'd say too much - to say.''
The New Zealand economy was not immune to global pressures.
New Zealand was a small commodity-dependent, debtor nation.
Falling export prices, and not just dairy, a stubborn dollar and rising local funding costs had already delivered a meaningful tightening in local financial conditions.
If sustained, it pointed to more modest growth ahead, Mr Bagrie said.
Movement in financial variables were one thing but people needed to feel it on the ground before the real impact was seen.
Time and again, consumer confidence and the business equivalent had proven adept at picking turning points in the economy.
Confidence was not the key driver of growth across the economy, but growth went missing in action when it was not present.
The continued buoyancy of consumer sentiment was tremendously encouraging.
Just as there were global headwinds to navigate, the economy had tail winds.
The labour market was improving, regional housing markets were booming and households had received a massive cashflow boost in the form of petrol and mortgage rate falls.
Beyond dairy, tourism and construction sectors remained outperformers, Mr Bagrie said.
Record net migration inflows were a vote of confidence in the economy more generally.
Beyond that, a small current account deficit and reduced external debt showed the economy was more structurally "shipshape'' than it had been in the not-too-distant past.
"Our confidence composite continues to point to respectable prospects for the economy heading into 2016. We are picking the same. There are risks to monitor and choppy global seas to navigate. Consumers appear happier in calmer local waters.''
At a glance
• Confidence in the economy remains on course
• A net 9% of respondents feel financially better off than 12 months ago
• A net 40% believe it is a good time to buy a major household item
• The current conditions index is at its second-highest level
• Confidence rose in Auckland and Wellington but fell in regional North and South Islands
