NZ: Consumer confidence edged down in September – Westpacs

Satish Ranchhod, Senior Economist at Westpac explains that while NZ’s consumer confidence has eased a little, households remain in good spirits as the Westpac McDermott Miller Consumer Confidence softened to a level of 112.4 in September, down from 113.4 last quarter.

Key Quotes

“Given normal quarter-to-quarter volatility, that’s a fairly small fall. And following gains earlier in the year, household confidence remains at firm levels.”

“The slight fall in confidence this quarter was mainly due a little less optimism about the economic outlook over the next year. That may reflect concerns about the continuing slowdown in the housing market.”

“But while households may be a little less optimistic, they’re certainly not pessimistic. In fact, the proportion of households reporting that they are in better shape financially than they were last year is at its highest level in a decade.”