New Zealand’s retail expenditure continued to fall in this year’s September quarter, Stats NZ reported.
When adjusted for pricing effects, total retail sales volume declined 3.4 per cent year over year during the three months. This drop followed a 3.5 per cent decrease in the June quarter.
During the quarter, thirteen of the fifteen retail industries reported lower total retail sales volumes year on year. When compared to the June quarter and after seasonal factors were removed, total retail sales volumes remained unchanged. This followed a 0.9-percentage-point drop in the June quarter from the March quarter.
“Decreases in hardware and motor vehicle retailing drove the fall in the total volume of retail sales in the September 2023 quarter, compared with the September 2022 quarter,” business financial statistics manager Katrina Dewbery said.
Stats NZ’s retail trade survey measured the sales of businesses that provide household and personal goods and services – for example car yards, petrol stations, supermarkets, cafes and restaurants, and hotels.