Retail sales slow in third quarter

success-growth-business-1New Zealand retail sales increased at a slower pace in the third quarter, as restaurant sales dropped without major sporting events and fuel prices continued to decline.

Sales volumes rose 0.2 per cent in the three months ended September 30, following a 2 per cent rise in the June quarter, Statistics New Zealand figures show.

The value of retail sales rose 0.1 per cent, compared to the 1.6 per cent increase in the previous quarter.

Eight of the 15 industries surveyed posted higher sales volumes in the quarter, while six reported increased values.

Electronic and electrical goods sales rose 5.1 per cent by volume, while prices dropped 1.4 per cent on a non-seasonally adjusted basis.

The food and beverage sector, which includes cafes, restaurants, bars, takeaways, and catering services, saw a record value and volume fall in the quarter, though it had seen record gains in the earlier quarter due to the World Masters Games and the Lions rugby tour in that earlier period.

Volume dropped back 3.1 per cent in the quarter, while the value of sales fell 2.2 per cent.

“There were strong increases from the food and beverage services and accommodation industries in June, on the back of the World Masters Games and the Lions tour,” retail trade manager Sue Chapman said.

“However, the reverse has occurred this quarter, with both of these industries falling.”

However, supermarket and grocery sales rose 1.6 per cent by value and 2 per cent by volume in the quarter.

Fuel sales dropped 3.2 per cent by value, after a 3.5 per cent fall in the June quarter. Prices for the fuel industry fell 1.5 per cent in the latest quarter and 1.8 per cent in the June quarter, Stats NZ said.

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