NZ: Consumer confidence down 5.3 points to 103.8 in March – Westpac

Satish Ranchhod, senior economist at Westpac, notes that the New Zealand’s Westpac-McDermott Miller Consumer Confidence Index fell 5.3 points in March to a level of 103.8, suggesting that the consumer confidence has lost altitude and now sits at a below average level.

Key Quotes

“Confidence was down across all income brackets, age groups and regions.”

“Households have highlighted increased concern about their personal financial situation. They are also concerned about the trajectory of the economy over the next few years.”

“Despite the increased concern about the economic outlook, spending appetites only softened a little.”