An index measuring consumer confidence in New Zealand decreased for the fourth straight month in August to the lowest level since mid-2012, the latest survey released by ANZ Bank and Roy Morgan showed Thursday.
The ANZ-Roy Morgan consumer confidence index fell to 109.8 in August from 113.9 in the previous month. Thus far this year, the sentiment has fallen 19 points and remained below its historical average.
The index of current conditions, a concurrent indicator of spending trends, dropped to 117.2 in August from 119.0 in July. The future conditions index fell to a six and a half year low in August, falling to 104.9 from 110.4 in the prior month.
Consumers are growing more pessimistic about the economy's prospects over the year ahead. Conversely, they still feel better off financially here and now, which is influential for immediate spending trends, the Bank said.
General inflation expectations moderated to 3.5 percent in August from 3.7 percent in the preceding month.Nationwide house price expectations also eased from 5.2 percent to 5.1 percent, still high but the lowest in four months.
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