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Q2 Retail Volumes Fall Amid Consumer Headwinds

NEW ZEALAND

New Zealand Q2 retail sales (in volume terms) were weaker than forecast. They fell -1.2% q/q, against a market forecast of -0.9%. The Q1 rise was revised down to +0.4% (originally reported as +0.5% gain).

  • This fits with the generally bearish economic backdrop both the RBNZ and NZ Treasury have painted in recent months.
  • Card spending trends have been generally painting a downbeat picture for NZ consumer spending trends.
  • In terms of the detail, there was a big swing against discretionary spending. Accommodation spending fell -4.4% q/q (+3.9% in Q1), while recreational goods was also down sharply, likewise for electrical goods (-6.0%. Food spending held up (+2.1%), while fuel spending edged down (-0.5%).
  • DJ noted that "Retail sales per person are as weak as they were during the global financial crisis".
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