New Zealand: Consumer confidence falls in Q2
June 22, 2015
The Westpac-McDermott Miller consumer confidence indicator fell from the 117.4 points recorded in Q1 to 113.0 points in Q2 2015. The reading marked the lowest level since Q2 2013. As a result, the index fell closer to the 100-point threshold that indicates that optimists outnumber pessimists.
The deterioration in Q2 reflected that consumers assessed future economic conditions worse than they did in the previous quarter, while they were more enthusiastic about current economic conditions. As a consequence, three of the five sub-categories of the index deteriorated in Q2. According to Westpac, “the drop comes as no surprise, given the steady drumbeat of bad news around the dairy sector. It’s also in line with other recent evidence of cracks in the domestic economy, from softer business confidence to a slowdown in electronic card spending.”
Author: Eric Denis , Economist