(RTTNews) - Consumer confidence in New Zealand declined in the December quarter, according to the latest survey from Westpac Bank.

The Westpac McDermott Miller Consumer Confidence Index declined 3.5 points to a reading of 101.3, with readings over 100 indicating the number of optimists is greater than the number of pessimists among those surveyed.

The survey showed a net 45 percent of respondents expecting economic conditions to deteriorate over the coming 12 months, compared to just 17 percent in September.

Looking further ahead, the survey found a net 51.6 percent of respondents saying they expected the economy to improve within five years.

In terms of personal finances just a net 10 percent of respondents said they expect to be better off one year from now, down from a net 15.8 percent in the previous survey.

A net 10.7 percent of respondents said now is a good time for purchase of major household items, down from the September reading of 13.9 percent.

The survey was conducted in the first two weeks of December.

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Posted in Categories: Economy, New Zealand, Releases.

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