Consumer confidence reversed last quarter's rise as the economy shows signs of slowing, the latest Westpac McDermott Miller survey shows.
The consumer confidence index fell 5.3 points to 103.8, below the long-run average of 111.2. It had risen 5.6 points to 109.1 in the December quarter.
In today's survey, the present conditions index was down 3.9 points at 107.6 while the expected conditions index fell 6.2 points to 101.3. A reading above 100 indicates optimists outnumber pessimists.
"The low level of consumer confidence is consistent with the cooling in per-capita GDP growth over the past year. It also follows a wave of negative headlines about the strength of the global economy over the summer," said Westpac Bank senior economist Satish Ranchhod.
According to Richard Miller, Mcdermott Miller managing director, the fall in confidence is widespread, led by sharp falls in the Auckland region.