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The Westpac-McDermott Miller consumer confidence index in New Zealand edged down to 103.1 in the third quarter of 2019, the lowest in seven years and compared to market expectations of 104, as global trade policy and a recent 50bps rate cut from the RBNZ particularly weighed on confidence for the 5-year economic outlook (down 13 points to -1.1). In addition, the 1-year economic outlook also fell (down 4.6 points to -9.2). On the bright side, the expected financial situation sub-index soared 16.4 points to 13.2 as households reacted positively to a fall in borrowing rates. Nonetheless, the ‘good time to buy’ sub-index declined 2.8 points to 15.1, hinting that consumers remain hesitant to spend and rather took advantage of looser monetary policy to pay down debt.

The Westpac-McDermott Miller consumer confidence index in New Zealand fell to 103.5 in the second quarter of 2019 from 103.5 in the previous period. Households became increasingly worried about conditions in the global economy over the next five years (-3.5 points to 11.9); and the number of households who think now is a good time to purchase a major item has fallen to a two-year low (-5.5 points to 17.9). Meanwhile, households’ expectations regarding their financial situation improved slightly (+0.5 points to -4.6).

The Westpac-McDermott Miller consumer confidence index in New Zealand declined to 103.8 in the first quarter of 2019 from 109.1 in the previous period. All main subindexes deteriorated: Expected Conditions index (-6.2 points to 101.3), Expected financial situation index (-7.0 points to -6.5). Also, the 1-year economic outlook decreased 9.1 points to -5.1; the 5-year economic outlook fell 2.7 points to 15.4 and the Good Time to Buy index dipped 3.9 points to 23.4.