New Zealand: Consumer confidence falls in July
The ANZ-Roy Morgan consumer confidence indicator dropped to 83.7 in July from 85.5 in June. Therefore, the index remained entrenched below the 100-threshold that separates optimism from pessimism among consumers.
In July, households’ assessments over their financial situation deteriorated, as did their willingness to buy big-ticket ierms.
Commenting on the release, Sharon Zollner, chief economist at ANZ, stated:
“A slowdown in consumer spending is underway, and likely has some way to run, given the RBNZ views it as a prerequisite for bringing inflation sustainably back down to target.”