Westpac says consumer confidence has trickled downwards in the September quarter and says it signals the number of New Zealand households who are pessimistic versus optimistic about the country’s economic landscape.
The bank released the results of its quarterly Westpac McDermott Miller Consumer Confidence index today.
The index fell 2.9 points in the September quarter to 80.2, meaning the number of households who are pessimistic about the economy continued to outweigh optimists by a large margin. Anything over 100 indicates a positive picture.
“The big concern for New Zealand households is the pressure on their finances,” Westpac senior economist Satish Ranchhod said.
“The past few months have seen continued large increases in living costs, as well as a related rise in borrowing costs. Those conditions are squeezing households’ spending power.”