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The Westpac McDermott Miller Consumer Confidence Index in New Zealand rose to 96.5 in the fourth quarter of 2025 from 90.9 in the previous period, marking the highest of the year, but remaining just below long-run averages. The increase reflects easing borrowing costs and seasonal cheer, as large numbers of borrowers roll onto lower fixed mortgage rates and households feel some relief at the end of the year. According to Westpac, households are more optimistic about the economy’s trajectory and spending appetites have lifted, supported by lower interest costs and improving sentiment. The survey also noted that the labour market shows some improvements even though job creation remains limited. Regional results were mixed but broadly stronger, with Auckland among the most upbeat areas. These factors, together with firmer commodity prices, suggest that consumer confidence has strengthened heading into 2026 while still short of fully recovered levels.