Releasing the BNZ-Nine Rewards Consumer Trends Survey, Mr Alexander said retailers might feel justified in getting ready for some stronger spending on the basis of other economic fundamentals such as rising construction, dairying and house prices.
''But, as yet, consumers are showing no trend towards increasing willingness to raise debt and mortgage any higher,'' he said.
A net 8.4% of 548 respondents expected to spend more than usual in the coming month, unchanged from September. Eighteen of the respondents were from Otago, which just crept into the final tally. Usually, the BNZ only reports regional results of 20 or more responses.
The other result of interest was expectations house prices would continue to rise, he said.
The net percentage expecting house price appreciation now stood at a record 65%, up from 60% last month.
The Reserve Bank would not be happy about the result as it tried to cap house price expectations.
''This validates the recent warning from the Reserve Bank governor [Graeme Wheeler] that if loan-to-value ratio changes do not rein in the housing market, interest rates may need to rise more than they have allowed for in their economic forecasts.''
The survey showed the percentage of people expecting the economy to be in better shape in a year's time had rebounded to July and August levels of 29% after a low of 21% in September.
The October survey showed 28% of people thought they would spend more than usual this month, 19% thought they would spend less and 53% would spend the same.
Only 15% were considering buying a new car in the next three months, down from September, and 43% thought they might buy new furniture or appliances within the next quarter.
A record gross 79% were thinking about buying clothing and accessories in the next three months. Mr Alexander said it was the second monthly rise in a row but he wondered if there was a seasonal element in play as summer approached.
