Consumer confidence continued to weaken in this month's ANZ Roy Morgan survey.
The survey's index fell four points to 119.9, its lowest level since September 2013, though it is still marginally above its long-term average.
A net 7 per cent of the 1000 people interviewed consider they are better off financially than they were a year ago, unchanged from the May survey, and a net 26 per cent expect to be better off a year from now, up one point.
A net 38 per cent still consider it a good time to buy a major household item, down four points.
But perceptions of how the economy will fare over the next year and over the next five years have darkened, by 10 and eight points respectively.
"It's been a game of two halves for consumers and sentiment reflects that," said ANZ chief economist Cameron Bagrie.
"General inflation is low, so purchasing power is high. But petrol prices have moved up and that's immediately noticeable in the pocket."
Employment growth stays brisk but so, too, does competition for jobs.
"The past year has seen 73,000 people enter the labour market, which has broadly matched the creation of 74,000 new jobs. That's still a massive positive for the economy."
The Auckland housing market remains strong and interest rates have moved lower. Auckland expectations of house price inflation were decidedly frothy, Bagrie said, hitting a new high of 6.9 per cent.
"However, economic headwinds are becoming more pronounced. There is a reason interest rates are on the slide. Dairy prices are low and the new reality appears to be settling in across some regions."