2020.05.0106:44:00UTC+00New Zealand Consumer Confidence Weakens In April

New Zealand consumer confidence deteriorated sharply in April, survey data from ANZ showed on Friday.

The ANZ-Roy Morgan consumer confidence index fell to 84.8 in April from 106.3 in March. This was lowest since the Global Financial Crisis in 2008.

The current conditions index dropped to 73.0 in April and the future conditions index decreased to 92.7.

According to the survey, the economy is in recession, and is expected to remain for quite some time due to the COVID-19 pandemic.

Consumers' perceptions of their current financial situation declined 16 points. A net 14 percent of consumers expect to be better off financially this time next year, but was down 3 points.

Consumers who thought it as a bad time to make major purchases fell 92 points in two months to net 51 percent.

Perceptions regarding the next year's economic outlook dropped 17 point to a net 56 percent. Meanwhile, the five-year outlook fell 5 points to +20 percent.