Westpac New Zealand's quarterly Consumer Confidence Survey reported a decline in aggregate consumer sentiment for the second quarter, with Q2 2024's Consumer Confidence Survey dropping 11 points to 82.2 after the previous climb to 93.2. According to Westpac, surveyed consumers are reported ongoing pressure from high interest rates and large increases in living costs.
New Zealand consumer confidence has fallen once again back into all-time lows, failing to recover significantly from record lows of 75.6 in December of 2022. Westpac noted that declines in consumer confidence across all regions of New Zealand, as well as spread across all age demographics. Consumers also noted a sharp upturn in the unemployment rate specifically amongst those aged 25 years and younger
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