Kiwi consumers are feeling increasingly gloomy about the future, according to the latest survey. Photo / HOS
New Zealand consumer confidence dimmed in the second quarter of the year as people were content about the present, but increasingly gloomy about the future.
The Westpac McDermott Miller Consumer Confidence Survey fell 2.5 points to 99.9 in the three months ending June, eroding gains in the first three months
of the year, and indicating there are more pessimists than optimists.
Respondents were more upbeat about their current situation, with the present conditions index up 3 points to 101.5, though the expected conditions index sank 6.2 points to 98.7, its lowest level since mid-2008.
"The fall in confidence reflects greater anxiety about the year ahead, outweighing an improved perception of present conditions," Westpac economist Felix Delbruck said in his report. "Today's survey reflects that balance between a more spender-friendly present and a scarier future."
The survey comes ahead of the official first-quarter gross domestic product figures on Thursday, which are expected to show the economy grew 0.5 per cent in the first three months of the year. Statistics New Zealand revised its quarterly retail sales data to a smaller decline of 0.6 per cent, prompting some economists to rejig their forecasts.
