Consumer gloom lingers as economic crunch drags on
For the first time since 2008, Kiwis are less confident about the outlook than they are about current economic conditions.
BUSINESSDESK: New Zealand consumers have become less confident about the outlook than they are about current economic conditions for the first time since 2008, though sentiment improved in July from June.
The ANZ-Roy Morgan Consumer Confidence measure rose to 110.5 in July from 105.8 in June.
The current conditions index rose 6 points to 111 and the future conditions index fell behind, rising 4 points to 110.
A net 9% of those polled say they are worse off than they were this time last year, an improvement from a net 10% in last month’s survey.
A net 20% expect to be better off in 12 months’ time, unchanged from June.
Looking at the New Zealand economy as a whole, a net 10% saw bad times ahead, an improvement from a net 19% in June.
In the next five years, more good news is expected by a net 20% of those polled, up from a net 18% last month.
A net 32% said now was a good time to buy a major household item, up from a net 20% last month.
Inflation expectations fell to 3.3% from 3.7%, the lowest level this year, the survey showed.
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Consumer gloom lingers as economic crunch drags on
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