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Businesses are hunkering down and adjusting to the new normal – Business Confidence Survey May 2024

The latest Auckland Business Chamber confidence survey, conducted in May, reveals that Auckland businesses are bracing for continued economic headwinds and adjusting to the new normal.

Key Findings

Business Confidence

  • 65% of businesses surveyed have negative business confidence, up from 52% last quarter.

Economic Performance

  • 65% of businesses surveyed expect a continuation or decline in New Zealand’s economic performance over the next 12 months, a slight improvement from 67% last quarter.

Business Performance

  • 49% of businesses report underperformance compared to expectations, a slight increase from 47% last quarter.

Business Revenue

  • 55% of businesses report a decrease in revenue compared to the previous year, up from 50% last quarter.
  • 63% expect a continuation or decline in revenue over the next 12 months, compared to 62% last quarter.

Business Costs

  • 77% of businesses expect costs to rise over the next 12 months, down slightly from 79% last quarter.
  • 64% have increased or plan to increase their prices, compared to 65% last quarter.

Top Business Concerns

  • Consumer confidence and demand: 63%.
  • Inflationary pressure and interest rates: 62%.
  • Productivity and Growth: 37%.
  • Cashflow: 36%.

“Businesses are facing an incredibly tough environment, with rising costs, compliance burdens, and waning confidence impacting their operations. Many report cashflow issues exacerbated by inflation and high interest rates, with little relief in sight,” says Simon Bridges, CEO of the Auckland Business Chamber.

“The slight improvement in the economic outlook is positive, but the notable rise in reported revenue decline and continued concerns about costs show that businesses are still in survival mode.”

“While businesses are hunkering down and adjusting to the new normal, I am still realistically optimistic there is hope for improvement in the economic climate later this year and into 2025,” said Mr Bridges.

Attend the Business Update

There’s no better way to get a handle on the things that affect how your business is doing than with a personal expert presentation and Q&A session! That’s what our Business Update offers.

Our special guest speaker (and leading financial journalist) Bernard Hickey delivered an engaging and entertaining presentation on the very latest trends and topics from the local and global businesses, and political and economic landscapes. Also, our Chamber CEO, Michael Barnett, presents the latest Business Confidence Survey results. It’s an event not to be missed!

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