The data is here, a sharp drop in confidence in the quarter : Westpac Q4 New Zealand consumer survey 107.4 vs 112.4 prior
Westpac NZ comments:
Consumer confidence dropped sharply in December and is now below average levels.
- The drop in confidence appears to be partly a response to the change in Government.
- The biggest drop in confidence was among better off households, while confidence actually rose slightly among households on lower incomes.
Households are concerned about the general economic environment and their personal financial situation. This will put a dampener on spending plans ahead of the holidays.
Yeah ... it's the dampener on spending plans ahead of the holidays that's the concern... and its flow-on effect into the economy. It will probably weigh on Q4 GDP.