Recent Rise in US Consumer Confidence suggests US could be a growing market for New Zealand exports, according to ANZ Bank.
The cheery US consumer is as likely to be toasting his or her good fortune with a glass of New Zealand sauvignon blanc as a goblet of Californian chardonnay, according to research from ANZ bank, a leading antipodean lender.
A growing taste for lamb and eating out at foreign restaurants which use less popular cuts of mutton and lamb, may also characterise the average Americans' changing tastes and habits, suggests the report, which highlights the growing popularity of New Zealand food and wine commodities in the USA.
"The rise of the US consumer has begun to catch New Zealand exporters’ eye recently. Indeed where there are established business relationships, favourable market access and less local competition (i.e. red meat and Sauvignon Blanc wine), there has already been a notable lift in exports over the past 18 months,” said the report from ANZ.
The trend is likely to continue after recent data showed US Consumer Confidence hitting an 11-month high in August, rising by 4.4 basis points to 101.1 from 96.7 previously.
Much of the increased optimism came from the high-earning, 35-54 cohort, who make between 50 -130k dollars per annum and comprise the target market for New Zealand produce.