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Financial News: New Zealand Consumer Confidence Weakest In 4 Years

New Zealand Consumer Confidence Weakest In 4 Years

09/26/2019 - 23:35:00 (RTTNews)

(RTTNews) - New Zealand consumer confidence weakened to the lowest level in four years in September, survey data from ANZ showed on Friday.

The ANZ-Roy Morgan consumer confidence index fell to 113.9 from 118.2 in August.

Despite the fall, one shouldn't overstate the weakness in consumer sentiment, ANZ said. "Households are still feeling pretty robust."

The current conditions index dropped 1 point to 125.8 and the future conditions index fell 6 points to 106 in September.

Consumers' perceptions of their current financial situation declined 5 points to a net 11 percent. Likewise, only a net 23 percent of consumers expect to be better off financially this time next year, down 4 points.

Meanwhile, the balance of consumers viewing it as good time to make major purchases rose 2 points to 41 percent.

Perceptions regarding the next year's economic outlook slid by a sharp 9 points to a net 10 percent expecting conditions to worsen, the lowest in four years. The five-year outlook fell 7 points to +4 percent.

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