New Zealand: Consumer confidence worsens in March
Latest reading: Consumer confidence indicator went down to 91.3 in March, following February’s 100.1. The latest reading was the lowest since October 2024.
In March, households grew less positive about the general economic situation in the next 12 months (-24.5 vs -7.5 in February), the economic outlook 5 years ahead (+4.7 vs +8.1 in February), their willingness to make large purchases (-13.9 vs -4.1 in February) and their personal financial situation over the next 12 months (+10.0 vs +20.1 in February).
Panelist insight: On the data, ANZ analysts said:
“The conflict in the Middle East has created significant uncertainty for the economic outlook and is hitting people in the back pocket already. Confidence impacts are likely to exacerbate the impact on growth, but it is entirely reasonable that both firms and households think twice when making spending decisions in case things take a marked turn for the worse. The sharp rise in inflation expectations is also unsurprising.”