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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NEW ZEALAND
The rise in Q1 real retail sales is in contrast to recent weak activity indicators thus it may be pay back for Q4’s 1.8% q/q drop. This was the first quarterly increase since 2021. They rose 0.5% q/q with core sales up 0.4%. With consumer confidence declining sharply over 2024, household expenditure is likely to remain soft.
- The improvement was fairly broad based across regions and Stats NZ reported an increase in 9 of 15 retail sectors.
- The largest rises were recorded in food services +2.2% q/q, motor vehicles +1.1%, recreation goods +4.7% and accommodation +4.1%. Household durables remained weak.
- Retail sales volumes were still down 2.6% y/y while the population grew 2.5% y/y showing a significant drop in spending per person. Core sales fell 1.7% y/y.
NZ retail sales y/y%
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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