New Zealand consumer confidence falls to a three-year low
According to Golden Ten Data on May 1, due to the Iran war causing fuel prices to surge, consumer confidence in New Zealand has dropped to its lowest point in three years, impacting household income and raising concerns about an economic slowdown. ANZ Bank said on Friday that the confidence index fell to 80.3 in April from 91.3 the previous month. This is the lowest level since May 2023. Fuel prices in New Zealand have risen sharply, putting pressure on consumers and reducing purchases of non-essential goods. Local economists now expect that by the middle of this year, the pace of economic growth will slow significantly as businesses cut back on investment and hiring, which will further pressure household income.
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