Double-dip in consumer confidence - survey

Monday 21st February 2011 2 Comments

New Zealanders are feeling more pessimistic about the economy than a year ago, according to a survey just released.

UMR Research says its latest Consumer Comfort Index (CCI) provides fresh evidence of a double-dip recession.

The CCI measures consumer comfort based on how people feel about the economy, their personal finances and how they rate their ability to buy the things they want and need.

The poll said consumer comfort levels rose in the first half of 2010 but were now beneath levels from a year ago.

February's CCI is minus 29, compared with minus 18 in February last year and minus 1 in June 2010.

The survey reveals 78% of New Zealanders rate the current economic situation as either "not so good" or "poor".

Almost half, 46%, rated their personal finances as either "not so good" or "poor" and about 70% of respondents considered the buying climate as either "not so good" or "poor".

The online survey was conducted between February 9 and 16 and questioned 1000 people aged 18 and over.

The margin of error was plus or minus 3.1%.

NZPA

Comments from our readers

On 21 February 2011 at 4:20 pm Eric Carryer said:

This country never got out off ression.Any politian that thinks so should not be in the behive .How can anyone expect this counry to get back on it feet when the govt did nothing to help out the hard working mums and dads whom lost there life savings in these finance companies .The govt should have bought the bad loans eventually they would have been able to sell them .Like America they bailed out alot off companies and now the USA is on a roll once more and alot off those loans have been repaid.Only some compaines like Sth Cantabury have been given help perhaps we have famaly down that way with farms.It time to go Mr Key pack your bags

On 22 February 2011 at 2:22 pm Vidhya said:

Yes Mr Key, it is definetly time to pack up.The hardworking people find it tough to put food on the table for their loved ones and he goes and buys those expensive cars for his coterie.He has made his millions ,then why should he bother about those he had promised to serve.