Releasing the latest ANZ-Roy Morgan New Zealand Consumer Confidence Index, Ms Zollner said so far into the economic cycle, the low-hanging fruit had typically been picked.
"A number of growth drivers are fading but that’s a far cry from calling time on the economic expansion."
The confidence composition gauge, which combined business expectations and intentions with consumer sentiment, was still suggesting about 2% gross domestic product growth.
However, it was on a downward trajectory, primarily as a result of falling business confidence, she said.
Consumer confidence, as measured by the index, fell two points to 118 in July, about its historical average.
Winter typically took its toll on confidence and seasonally adjusted confidence rose a point to 121.
Conditions at the moment were "pretty upbeat". Households remained wary about the outlook. Disquiet focused on prospects for the broader economy rather than households’ own finances.
"It’s dark and cold, let’s face it. But looking through that, consumer confidence is about par," Ms Zollner said.
Consumers’ perceptions of their current financial situations lifted three points and a net 14% were feeling financially better off than a year ago.
A net 25% of consumers expected to be better off financially this time next year, which was down one point. A net 36% said it was a good time to buy a major household item, down four points. The five-year economic outlook dipped, down two points to 14%.
