New Zealand consumer confidence hits lowest level in 10 months: survey

[SYDNEY] Consumer confidence in New Zealand fell to its lowest level in ten months in August, ANZ-Roy Morgan data showed on Friday, with consumers facing several headwinds including falling employment and wage growth.

The consumer confidence index fell to 92.0 in August from 94.7 in June. A reading above 100 shows optimism, while below that indicates pessimism.

“Not only did overall consumer confidence fall 3 points in August; the net proportion thinking it’s a good time to buy a major household item fell and remains negative”, said ANZ chief economist Sharon Zollner. REUTERS