NZ Q1 Westpac consumer confidence index
- Consumer sentiment 92.1 vs 99.1 for Q4
- Present conditions index 90.1 versus 94.8 last
- Expected conditions index 93.5 versus 101.9 last
- Current financial situation -12.9 versus -10.7 last
- Expected financial situation 2.5 versus 6.9 last
- 1 year outlook -22.8 versus -11.2 last
- 5- year economic Outlook 0.8 versus 10.0 last
- 'Good time to buy' a major household item fell -6.9 versus +0.4 last. This is the lowest level of 14 years
Highlights from the report :
- The index is at its lowest since the global financial crisis in 2008
- Households have reported that the financial position has deteriorated as the economy has been buffeted by a multitude of headwinds including consumer prices rising (higher inflation ), higher mortgage rates, which are both squeezing household disposable income
- CPI inflation is up 5.9% in 12 months December which is a three decade high. Wage growth has risen by a lower 3.8% over the same.
- Fuel prices running 8% above the levels seen at the end of last year while food prices have risen around 7% over the past year
- The spread of omicron is also likely to have damping confidence
- confidence is that low levels in every part of the country
For the full report CLICK HERE