New Zealand consumer confidence index fell to 106.0 in the September quarter

The Westpac McDermott Miller Consumer Confidence Index fell to 106.0 in the September quarter, its lowest level since September 2012, when the Index was 102.5. The main driver of the decline was a sharp drop in respondents' near-term economic outlook. The net percentage expecting mainly good economic times for the year ahead fell from 4.8% positive to 15% negative - the first time this series dropped into pessimism since December 2012, and its biggest quarterly drop since December 2011. 

The other component series of the Index also fell, but not as sharply. There was a fairly large drop in the net percentage of people saying that now is a good time to buy a major household item - from 28.8% to 19.5%, the lowest level since early 2012. But consumers' assessment of their current and expected financial situation, and of the longer-term economic outlook, was little changed from three months ago. 

It's worth noting, though, that consumers' expectations for their financial situation, and for the longer-term economic outlook, have been on a gradual downward slide for some time. In particular, consumers' long-term economic outlook - the net percentage expecting mainly good times over the next five years - has been declining ever since late 2013 and is now at levels last seen in 2008.