"Despite the holiday season being upon us, it seems that many New Zealand households aren’t actually feeling that festive. In fact, consumer confidence has fallen to below average levels late in 2017. That’s been reflected in the latest Westpac McDermott Miller Consumer Confidence Index, which dropped 5 points in the December quarter to a level of 107.4," Westpac reported on Monday.
Key highlights
The drop in confidence appears to be partly a response to the change in Government.
The biggest drop in confidence was among better off households, while confidence actually rose slightly among households on lower incomes.
Households are concerned about the general economic environment and their personal financial situation.
This will put a dampener on spending plans ahead of the holidays.
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