Taking a closer look at the sentiment within some of New Zealand’s leading business sectors, there has been significant growth within tourism and retail, with more business leaders feeling more positive about their business performance compared to our March 2024 survey. Both of these sectors are heavily impacted by economic forces, especially the cost of living crunch, so it may be that recent OCR cuts are easing the pressure somewhat. Similarly, the upcoming Christmas and summer seasons will likely be giving retail and tourism business leaders a sense of hope.
Both agribusiness and Māori business leaders are feeling less positive about their overall business performance. With fluctuating global market demand and commodity prices, and production heavily dependent on weather conditions, it’s unsurprising to see regular changes in how agribusiness leaders are feeling. Meanwhile Māori business leaders are continuing a downward trend of positivity since the highs experienced in October 2023. You can read more about the Māori business sector in our upcoming BDO Māori Business Sector Report.
Finally, it’s largely business as usual for construction business leaders, who report similar levels of business performance sentiment and current wellbeing to March 2024. However, there is a big drop in the expected future wellbeing for this group, so it will remain important for construction business leaders to take proactive steps to manage their wellbeing where possible.
Percentage expecting to feel positive about business performance in 6 months' time (all or most of the time)
