New Zealand: Consumer confidence dips in May
Latest reading: Consumer confidence fell to 92.9 in May from 98.3 in April. As a result, the index moved further below the 100-threshold, pointing to more negative sentiment among consumers.
Consumers grew less upbeat about current and future economic conditions in May. However, they became more likely to buy large items, boding well for retail sales.
The confidence data for April and May fits with our panelists’ projections for still-mild private consumption growth in Q2 as a whole.