The ANZ-Roy Morgan Consumer Confidence Index fell sharply in March, unsurprisingly.
New Zealand consumers were feeling pretty good in February, with a lifting housing market, plentiful job opportunities, and low interest rates. Times have changed rapidly – more so than what’s been captured in this month’s survey. Figure 2 shows a sharp hit in the desire to spend, despite house price expectations still holding up (figure 3), but with households now in lockdown and non-essential businesses closed, the hit to retail is obviously going to be much, much larger than this.
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