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June
2015
The Westpac : McDermott Miller NZ Consumer Confidence
Index for June 2015 is 113.0
WESTPAC : McDERMOTT MILLER
CONSUMER CONFIDENCE SURVEY
19 June 2015
“The Westpac: McDermott Miller New Zealand Consumer Confidence Index
(CCI) for the
June Quarter slipped 4.2 points to 113 in the June 2015 Quarter ,”
announced Richard Miller,
Managing Director in Strategy and Economics Consultancy,
McDermott Miller, “New
Zealand consumer s have been optimistic for twelve quarters in a row, but
reached a peak of 121.7 in March 2014 and has since declined 8
.7 points ” he
observed.
“This
quarter, the largest movement among the five component questions of the CCI is
a sharp decrease in the net percentage
of consumers expecting good economic times in New Zealand over the coming
year (down 19 points from March to 4.8 and 26 points down from this time last year.”
When we
asked consumers what was the main reason for expecting good economic times over the next
year in New Zealand we were told it would be the result of
effective government economic policy (38%). “Interestingly,
those expecting bad economic times in the coming year, also tend to ascribe it to “wrong” Government economic policy (34%). In
contrast, rural consumers expecting bad
economic times over the year ahead also attribute it to poor outlook for
farming (36% give this reason compared to 32% of consumers in secondary centres
and only17% from metropolitan centres)”, observed Richard
Miller.
“Confidence amongst consumers employed in both the Private and Public
Sectors dipped sharply in the June Quarter (down 7.3 CCI points to 117 point s and –8.7 points to 110.8 respectively )”, reported Richard Miller, “again, the main influence on the shift in sentiment is the
expectation of good or bad economic times in the next twelve months.” “Some 44% private and 53% public sector consumers believe the
effectiveness of government economic policies will be the main determinate of
good economic times in the coming year, and 42 % public sector and 33 % private
sector consumers believing the same economic policies are wrong and will result
in bad economic times ” he observed .
“Generally, the June quarter Westpac - McDermott Miller New Zealand Consumer Confidence Survey and
Index shows consumers remain optimistic, but many have accepted “feeling worse off
financially” in the expectation that better economic times lie ahead.” observed Richard Miller,
“The significant drop in the June quarter New Zealand CCI reflects growing
doubts about current economic policy settings among many consumers . ”
ENDS
19 June 2015
Richard Miller, Managing Director
McDermott Miller
04 471 8501
027 451 0158
Email:
strategies@mcdermottmiller.co.nz
Website:
www.mcdermottmiller.co..nz
Index Background
The
Consumer Confidence Index is based on a survey of a representative sample of
1581 New Zealand
households interviewed during 2-13 June 2015.
It analyses answers to five standard questions on personal financial
circumstances, expectations for the economy and attitude to buying substantial
household items. Index scores measure
consumer confidence in the economy, with a score of greater than 100 showing
more optimism than pessimism and vice versa for a score below 100 (for more information see Survey Specifications).
Acknowledgement
The Westpac : McDermott Miller Consumer
Confidence Survey and Index is owned by McDermott Miller Limited. Westpac : McDermott
Miller should be acknowledged as the source when citing the Index, just as
Westpac-Melbourne Institute should be acknowledged when citing the Australian
Index of Consumer Sentiment. Graphs supplied may be reproduced by the news
media provided the Westpac : McDermott Miller logo remains inset.
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