Decrease in retail sales

Total retail sales fell by 1.2 per cent in the June 2024 quarter, according to figures released by Stats NZ.

This movement – after adjusting for price inflation and seasonal effects – continues the downward trend observed over the past eight quarters.

Eleven of the 15 retail industries had lower sales volumes in the June 2024 quarter, compared with the March 2024 quarter.

Among the largest declines were electrical and electronic goods – down by six per cent – and motor vehicle and parts, which decreased by 2.7 per cent.

The total volume of retail sales per person fell by 1.5 per cent in the June 2024 quarter compared with the March 2024 quarter. This was the 10th consecutive quarter to record a fall after adjustments.

“Retail sale volumes per person have been falling for the past two-and-a-half years,” says Ricky Ho, business financial statistics manager at Stats NZ.

“The last time we saw several quarters of consistent falls was between 2007 and 2009, which coincided with the global financial crisis.

“Retail sales decreased the most in the electrical and electronic goods, and the motor vehicles and parts industry. By contrast, supermarket sales were up in the June quarter.”