Misc

Consumer confidence starts to dip

Higher interest rates and a falling dollar are starting to bite, with a big drop in the number of shoppers who think it is a good time to buy a fridge or furniture.

Wednesday, June 23rd 2004

The Westpac McDermott Miller survey of consumer confidence, out today, showed confidence dipped from 124 points in March to 121.7 in June. A score of more than 100 shows more optimism than pessimism.

While the picture was still positive for shop owners now, Westpac expected retail sales growth to slow from a rocketing 8 per cent in the past year, to just 2 per cent next year.

The Reserve Bank bumped interest rates up on June 10. Bank floating mortgage rates rose quickly to about 8 per cent, with the prospect they might go up even more late this year.

The latest Westpac McDermott Miller survey was carried out both before and after the Reserve Bank rate hike. It showed consumers were still generally upbeat, but less so than in March.

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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