Graphs Datatable Background Print Back
March 2016
The Westpac :
McDermott Miller NZ Consumer Confidence Index for March 2016 is 109.6
WESTPAC : McDERMOTT MILLER
CONSUMER CONFIDENCE SURVEY
21 March
2016
MEDIA RELEASE
”New Zealand Consumer Confidence fell slightly over
the March quarter (109.6 down 1.1 points), but most consumers remain firmly
optimistic”, says
Richard Miller, Managing Director of Strategy and Economics Consultancy
McDermott Miller Limited.
“When Consumer
sentiment is viewed more closely”, he observed, “disturbing signs of fractures
in confidence are emerging. At the sub-national level, consumer optimism
prevails among Metropolitan consumers (up 2.6 points to 115.2), but has dipped
(-3.7 to 106.2 points) among Secondary centres and
steeply (-8.3 to 100.8 CCI points) amongst Rural consumers”, he noted.
“Perhaps,
more disturbing, is the sharp fall in confidence of consumers with relatively
high household incomes ($70,000-100,000 and above $100,000) whose CCI fell
respectively -11.3 (to 108 CCI points)
and -7.2 (124.6 CCI points)”, said Richard Miller. “These consumers drive spending in the
economy and any hesitation by them to purchase has immediate effect on consumer
spending generally.”
“Also a cause
for concern from a social point of view, is the sharp drop in consumer
confidence among young consumers (18-29 years) and the 50 years plus consumers
(down respectively -7.2 and -4.3 CCI
points).” “This may be a sign that they
feel themselves alienated from participation in the consumer economy of
“Probing
questions indicate that a mixture of scepticism about
the effectiveness of current economic policies and an alarm at the implications
of low prices and payouts in the dairy sector underlie consumers’ scepticism.” “The other main reason given is ‘household
money needed for other purposes than consumer spending on durables’”, Richard
Miller reported.
ENDS
21 March
2016
Richard Miller
Managing Director
McDermott Miller Limited
04 471 8501
Richard.miller@mcdermottmiller.co.nz
Index Background
The Consumer Confidence Index is based on a survey of
a representative sample of 1554
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.