NZ: Consumer confidence going down – Westpac

Satish Ranchhod, senior economist at Westpac, notes that New Zealand’s consumer confidence continued it’s downwards trend in September and remains at subdued levels.

Key Quotes

“While households are more optimistic about their personal financial situation, they have become increasingly downbeat about the economic outlook more generally.”

“Despite the fall in borrowing rates in recent months, households are reluctant to spend and are instead focused on paying down debt.”