Automotive spending slides

Spending on motor vehicles suffered a $9.9 million fall between March and April this year, according to the latest figures from Stats NZ.

The amount spent in the retail category using electronic retail cards dropped 4.5 per cent month-on-month to come in at a seasonally adjusted $210 million in April. However, the number was up from $204m in April 2022.

In actual terms, the total spending on motor vehicles of $186m in April was down two per cent from $190m a year earlier and also the lowest monthly figure since September 2021 when it only reached $150m.

Despite the setback for the automotive industry, overall retail card spending rose $50m or 0.7 per cent in April this year when adjusted for seasonal effects and compared with the previous month.

Consumables, such as groceries and liquor, and durables, which includes furniture, hardware and appliances, led the growth despite falls in all other categories.

Spending on fuel was down $15m or 2.5 per cent over the same period.