Consumer confidence is taking a dip, dropping seven points in August to the lowest levels in 10 months, according to the latest ANZ-Roy Morgan survey.
ANZ said confidence remained "respectable" but a rebound in confidence in June and July was short-lived.
Consumers are still positive, but less upbeat than they were.
The ANZ-Roy Morgan confidence index eased to 125.5 in August, down 7 points on the month before.
The Current Conditions index fell 3 points to 123, while the Future Conditions index dropped 10 points to 127.
The more marked fall in future conditions "is hardly surprising", ANZ said.
Official interest rates have risen and commodity prices have fallen sharply, suggesting a slowdown in economic growth. On the other hand, unemployment was falling.
Seasonal factors - the winter blues - were not at play, ANZ said.
Seasonally adjusted measures showed similar movements to the unadjusted figures.
Households still feel better off financially than a year ago (+7 from +9 in July).
It's still considered a great time to buy a major household item with a net 40 per cent positive from +44 in the last survey.
The New Zealand dollar was off its peak but imported goods were still cheap.
The kiwi was trading at US83.5c today, down from a peak of more than US88c last month.