New Zealand: Consumer confidence deteriorates in June
Consumer confidence fell to 83.2 in June from May’s 84.9. Consequently, the index remained entrenched below the 100-threshold, indicating pessimism among consumers.
Consumers grew more downbeat on current and future conditions, and their two-year inflation expectations rose from 3.8% to 4.2%.
Downbeat consumer sentiment in Q2 will likely feed into muted private spending: Our panelists currently see only minor year-on-year private spending growth in the quarter.