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Satish Ranchhod, senior economist at Westpac, notes that the New Zealand’s Westpac-McDermott Miller Consumer Confidence Index fell 5.3 points in March to a level of 103.8, suggesting that the consumer confidence has lost altitude and now sits at a below average level.

Key Quotes

“Confidence was down across all income brackets, age groups and regions.”

“Households have highlighted increased concern about their personal financial situation. They are also concerned about the trajectory of the economy over the next few  years.”

“Despite the increased concern about the economic outlook, spending appetites only softened a little.”