The latest survey shows consumer confidence has eased back, with the collapse of South Canterbury Finance and Canterbury's devastating earthquake weighing on sentiment.
The Westpac-McDermott Miller Consumer Confidence Index fell five points, to 114.1, in the three months to September compared with the previous quarter.
A reading above 100 indicates more optimists than pessimists.
Westpac senior economist Donna Purdue says that, given the shocks of recent weeks, coupled with a weak housing market and a rise in employment, it's surprising confidence hasn't fallen by more.
Nevertheless, for the first time since June last year, respondents now expect bad economic times over the next year, while more people feel pessimistic about their own financial position.
