New Zealand: Consumer confidence decreases in March
The ANZ-Roy Morgan consumer confidence indicator dropped to 77.7 in March from 79.8 in February. Therefore, the index remained entrenched below the 100-threshold that separates optimism from pessimism among consumers.
In March, households’ expectation over their financial situation in 12 months view worsened, as did their expectations over the general economic situations in 12 months and five years view.
Commenting on the release, Sharon Zollner, chief economist at ANZ, stated:
“Consumers remain very wary, understandably. Interest rates have risen rapidly (though it’s been a while since a generalised round of increases), the cost of living is reducing their purchasing power, and now there are alarming headlines about banks, albeit faraway ones. And house prices are still falling and the old Kiwi Saver balance is probably looking a little battered too. But it’s not all bad. Wage growth on average is keeping up with inflation, and here and now, job security for most is still very good.”