9 Dec 2011

Consumer confidence falls again

6:52 pm on 9 December 2011

Consumer confidence has eased for the fourth month in a row, indicating an end-of-year spending splurge is not on the cards.

The ANZ-Roy Morgan Consumer Confidence index fell 1 point to 108 points in December, with fewer respondents feeling worse off now, but more fearful about economic conditions five years down the track.

A reading above 100 shows optimism.

ANZ New Zealand's head of market economics Khoon Goh told Evening Business on Checkpoint that Europe's deepening debt crisis is worrying respondents.

He says that while the drop in confidence is "pretty minor in the grand scale of things", the fact that it has fallen for four consecutive months cannot be dismissed and, tellingly, New Zealand consumers are becoming less optimistic about the future as well.