Retail spending fell year over year during the September quarter, Stats NZ’s electronic card transactions data shows.

Retail turnover for the three months declined 4.4 per cent to $19.16 billion, with durables falling 8.2 per cent to $4.55 billion.

Hospitality sales slid 5.4 per cent to $3.60 billion, and apparel sales dropped 8.2 per cent to $940 million.

Fuel sales fell 11.2 per cent to $1.53 billion, while vehicle sales dropped 9.9 per cent to $562 million.

Meanwhile, spending on consumables increased 0.8 per cent to $7.93 billion.

“Last week we were delighted with the 50-basis point cut in the official cash rate, but until consumers see changes in their mortgages, loans or rent they will continue to keep their wallet firmly in their pocket,” said Carolyn Young, Retail NZ CEO.

“While the economic numbers are improving, it will take some time for consumers to feel that they have additional money in their wallet.”

Young added that retailers are hopeful of seeing an uplift in sales in the upcoming holiday season.