Retail spending dips in September

With 13 of 15 industries posting declines

Retail spending dips in September

The total retail sales volume fell 3.4% in the September quarter when compared to the same period in 2022, when adjusting for price effects, data released by Stats NZ showed.

The decrease follows a 3.5% drop in the June 2023 quarter compared to June 2022.

Katrina Dewbery, business financial statistics manager at Stats NZ, said the fall in the total volume of retail sales in the September quarter was largely driven by decreases in hardware and motor vehicle retailing.

Stats NZ revealed that 13 of the 15 retail industries recorded lower total retail sales volumes in the three months to September compared to the same quarter in 2022.

When considering seasonally adjusted figures, which account for variations over different times of the year, total retail sales volumes remained steady in the September quarter compared to the previous quarter. This follows a 0.9% slip in the June quarter when compared to the March 2023 quarter.

In a media release, Stats NZ said it’s important to note that seasonal adjustments and the automatic identification of outliers in time series data are being updated post-COVID-19 impacts, potentially leading to significant revisions in the seasonally adjusted series.

Stats NZ will provide an information paper in advance of relevant releases to communicate any upcoming changes.

As the retail landscape continues to navigate through evolving patterns since the onset of COVID-19, analysts anticipate ongoing adjustments and fluctuations in consumer spending trends.

Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.