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JUNE 2022
The Westpac : McDermott Miller NZ Consumer Confidence Index for June
2022 is 78.7
WESTPAC
: McDERMOTT MILLER
CONSUMER
CONFIDENCE SURVEY
21 June 2022
Excerpt for Joint Westpac: McDermott Miller
MEDIA
RELEASE
“There
continue to be clear contrasts across the different demographic groups, with
some having experienced very large drops in confidence this June quarter. Men
are now almost as pessimistic as females, having experienced a sharp fall in
confidence (down 21 points to 78.9). In contrast, women’s confidence dropped
6.2 points to sit just below men at 78.5. Rising prices and interest rate
increases are having an impact on the financial position of both men and women,
but when it comes to their own financial situation improving in a year’s time,
men are far more pessimistic,“ noted Imogen Rendall, Market Research Director of McDermott Miller
Limited.
“Those
aged 30-49 have been cautiously optimistic for the last three quarters, but
this June quarter that optimism nose-dived 26.1 points to 77.1. Household
finances of those in this age group are likely to be being put under
significant strain, as prices continue to rise and mortgage rates go higher.
Confidence of younger people aged 18-29 has dropped again from last quarter,
falling to 86.1 (down 5.9 points). There is a similar story with those aged 50
plus, with confidence having fallen each quarter for the last year: this age
group now sits on 78.1 (down 4.8 points),” said Ms Rendall.
“With
many respondents expecting bad economic times ahead for New Zealand, as well as
an expectation that their own financial situation will worsen, it looks like we
are in for a bumpy ride,” commented Ms Rendall.
<ENDS>
21 June 2022
Contact:
Imogen Rendall
Market Research
Director
McDermott Miller Limited
Tel: +44 7843 096 788
Index
Background
The Consumer Confidence
Index is based on a survey of a representative sample of 1559 New Zealand
households interviewed during 1-14 June 2022. It analyses answers to five
standard questions on personal financial circumstances, expectations for the
economy and attitude to buying substantial household items. Index scores
measure consumer confidence in the economy, with a score of greater than 100
showing more optimism than pessimism and vice versa for a score below 100.
Acknowledgement
The Westpac: McDermott
Miller Consumer Confidence Survey and Index is owned by McDermott Miller
Limited. Westpac: McDermott Miller should be acknowledged as the source when
citing the Index, just as Westpac-Melbourne Institute should be acknowledged
when citing the Australian Index of Consumer Sentiment. Graphs supplied may be
reproduced by the news media provided the Westpac: McDermott Miller logo
remains inset.