Consumer confidence has fallen, according to the monthly ANZ-Roy Morgan Consumer Confidence survey, dropping to 105.8 in June from 113.9 in May, with confidence deteriorating in all five areas surveyed.
ANZ and Roy Morgan said there were three key "take outs" from the survey.
"First, while the knock-back is unwelcome, consumer confidence remains above 100 on all three measures (total, current and future conditions). Second, restrained levels tell us that consumers are still cautious: the
consumer is not going to be the flag-bearer of growth. Third, the gap between future and current conditions is the narrowest we’ve seen since 2008. The closure has unfortunately come from receding optimism towards future conditions. This portends a 'knuckling down” dynamic'."
ANZ and Roy Morgan said the decline in confidence was more pronounced among female respondents than males, dropping 10 and 6 points, respectively. And there was a significant drop in confidence among people aged 25 and older.
"The largest drop in optimism was noted in the 35-49 age cohort, down 13 points to a 14-month low of 100.1. Those aged 50 years or older recorded the lowest level of confidence, down 9 points to 94.8. Confidence for those aged between 25 and 34 years of age dropped 10 points to 113.1. Double-digit declines in the future component was noted across all three age cohorts aged 25 or older."
Meanwhile, confidence also fell across all five regions surveyed, led by Canterbury where confidence dropped 14 points to 106.1. Wellington recorded the second biggest fall, down 13 points to 105.7, while Auckland recorded the smallest decline, down 2 points to 109.8.
A total of 1,040 people were surveyed.
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