New Zealand’s consumer confidence tumbled to the lowest level on record in the fourth quarter as soaring living and borrowing costs badly affected the purchasing power of households along with holiday season effects, survey data from ANZ showed on?Monday.
The Westpac-McDermott Miller consumer confidence index?dropped to 75.6 in the final quarter of this year from 87.6 in the third quarter.
The reading signals that there are many more New Zealanders out there who are pessimistic about the economic environment than there are those who are optimistic.
A growing number of households report that their financial situation has deteriorated over the past year, and the majority of households expect that their finances will continue to deteriorate over 2023.
The expected conditions index weakened to 78.6 from 91.4, and that for present conditions index fell to 71.0 from 81.9.
Household’s views on their own financial situation in the future worsened, notably from -3.2 to -12.6.
We expect economic growth to slow as consumer confidence continues to deteriorate, affecting household spending appetites, Satish Ranchhod, a senior economist at Westpac, said.
The material has been provided by InstaForex Company – www.instaforex.com
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