New Zealand Westpac consumer confidence dropped from 99.1 to 92.1 in Q1, hitting the lowest level since the global financial crisis in 2008. Present conditions index dropped from 94.8 to 90.1. Expected conditions index dropped from 101.9 to 93.5. One-year economic outlook dropped from -11.2 to -22.8. Five-year economic outlook dropped from 10.0 to 0.8.
Westpac said:”Households have reported that their financial position has deteriorated as the economy has been buffeted by a multitude of headwinds. That includes rising consumer prices and higher mortgage rates, both of which are squeezing households’ disposable incomes. The rapid spread of Omicron is also likely to have dampened confidence in recent weeks.
