The New Zealand government has outlined its economic agenda for the year and retailers say they can’t wait to see its benefits to the sector.
As part of the government’s agenda, Finance Minister Nicola Willis will take on the additional role of Minister for Economic Growth.
“Her focus will be on leading the government’s growth agenda to unleash the potential of our businesses to grow, develop talent and attract investment,” said Prime Minister Christopher Luxon.
“That will mean coordinating and strengthening efforts that are already underway to deliver economic growth – and taking responsibility for new initiatives designed to promote growth and productivity in the New Zealand economy.”
Amid the government’s plans, Retail NZ emphasised that the retail sector is in dire need of economic support after witnessing a 2.2 per cent decline in sales last year, compared to 2023.
“Profitability will continue to be a major challenge for retailers as we head into the new year,” said Carolyn Young, Retail NZ CEO.
“We are looking forward to seeing the benefits of the government’s new focus on economic growth, to put more money in customers’ wallets.”
Earlier, Retail NZ said that New Zealand retailers saw lower consumer spending in December despite strong Boxing Day sales.