Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Reuters
Reuters
Business

New Zealand consumer confidence plunges in second quarter

FILE PHOTO: Shoppers walk in front of a retail shop displaying a sale sign in central Wellington, New Zealand, July 3, 2017. REUTERS/David Gray

Consumer confidence in New Zealand plunged in the second quarter to its lowest since 2009 due to the economic impact of the coronavirus, a survey showed on Tuesday.

The Westpac-McDermott Miller consumer confidence index fell to a pessimistic 97.2 from 104.2 in the previous quarter. A reading under 100 indicates more pessimists than optimists.

“COVID-19 has pushed the economy into a deep recession, and the related fall in consumer confidence will be a drag on spending,” Westpac’s Chief Economist Dominick Stephens said in a statement.

(Reporting by Praveen Menon; editing by Lisa Shumkaer)

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Thailand moves to cut sugar in popular drinks amid health drive
Major chains agree to halve default sweetness, but street vendors and cafes remain outside sugar tax rules
The Guardian - UK
The Guardian - UK
Curious Kids: What is the smallest thing in the universe?
Curious Kids is a series for children in which we ask experts to answer questions from kids.
The Conversation
The Conversation
Social media can be addictive even for adults, but there are ways to cut back
Social media addiction has been compared to casinos, opioids and cigarettes
The Independent UK
The Independent UK
‘He was approachable, down-to-earth, irritating’: inside the real-life love story of JFK Jr and Carolyn Bessette
As Ryan Murphy’s new mini-series focuses on their explosive relationship, aides and experts explain the real-life couple behind the myth
The Guardian - US
The Guardian - US
Stop waking up at 3 a.m. — these sleep gadgets promise to add an hour of rest and actually make you feel fresh in the morning
Beyond tracking, a new generation of sleep gadgets are here to help you fall asleep faster and wake up feeling more refreshed. Here's our guide to the tech that's shaping our sleep.
Tom’s Guide
Tom’s Guide
Guy shoots rap concert using a GameBoy camera. Don't believe me? Read this…
A man has used a GameBoy camera to photograph a rap concert, using a 3D-printed rig to attach his phone to the console to video himself
Digital Camera World
Digital Camera World
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play