New Zealand consumer confidence weakens, survey says
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FILE PHOTO: Shoppers are seen at a mall in Wellington, New Zealand July 16, 2020. Picture taken July 16, 2020. REUTERS/Praveen Menon/File Photo
WELLINGTON (Reuters) - Consumer confidence in New Zealand softened in the first quarter as global trade war risks and ongoing cost of living pressures weigh on confidence, a survey showed on Wednesday.
The Westpac-McDermott Miller consumer confidence index fell to 89.2 from 97.5 in the previous quarter. A reading above 100 indicates more optimists than pessimists.
Westpac said it’s been a rocky start to the year and household confidence levels across the country have taken a knock.
“There are a range of concerns that are still worrying New Zealand households, and that’s likely to be a brake on spending for a few more months at least,” it added.
(Reporting by Lucy Craymer)
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