Wednesday, March 26, 2008

I shop, therefore I am

If the above proposition is true, consumers face a challenge to their sense of existence.

Today's top business news in New Zealand is a Westpac Bank survey that shows consumer confidence slumped in the March quarter to its lowest level in a decade.

"Rising food and petrol prices, drought and high mortgage interest rates are knocking the stuffing out of shoppers, promising a tough time for retailers," is the Dominion Post's comment on the survey in the lead story of its Business Day section.

The Westpac McDermott Miller consumer confidence index fell to 96.5 from 110 in December. A figure under 100 indicates that pessimists outnumber optimists.

This is the first fall into negative territory in seven years.


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