You may have enjoyed a spot of shopping on the weekend, but if you're still heading out to spend up big, you're among a diminishing crowd. 

We now know there's been a huge slump in consumer spending, as more and more of us find it harder to make ends meet with soaring rents and rising interest rates. 

So, with New Zealand already in a technical recession, is there a downturn coming here too? 

Today, the ABC’s business editor, Ian Verrender, on where our economy's heading, midway through the year. 

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Ian Verrender, ABC business editor