The New Zealand retail sales fell 1.9% in the fourth quarter, thus adding its eighth consecutive month of volume decline. The previous quarter also saw a downward revision to -0.8% from the initial figure of 0.0%.
Excluding automobiles, retail sales also fell 1.7%, down from a previous rebound of 0.4% (revised downward from 1.0%).
According to Stats NZ, total retail trade volume fell 1.9% in the fourth quarter of 2023, marked by a decline in all but one of the 15 sectors tracked. Retail sales of pharmaceuticals and other retail products rose a scant 0.3%, while losses for the quarter were led by retail sales of fuel and motor vehicles and spare parts, which fell 3.6% and 2.5% respectively, and food and beverage services decreased by 2.4%.
Stats NZ said that, after adjusting for price inflation and seasonal effects, total retail sales for the quarter to December were lower than the same period a year earlier.
This is the first decline in New Zealand retail sales since the national COVID lockdowns in 2020 and 2021. Before the pandemic, the last time New Zealand recorded declines in retail sales was in the quarter ending September 2009 .
Source: Fx Street
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