Motor vehicle retail drops $95m
The volume of actual retail sales for motor vehicles and parts came in at $3.6 billion in the March 2023 quarter, which was down $95 million, or 7.5 per cent, when compared with the same period a year earlier.
Stats NZ’s latest figures show the recent fall followed a 10.3 per cent year-on-year tumble for the industry in the December 2022 quarter.
The drop-off was a key factor in the total volume of actual retail sales in New Zealand falling 4.1 per cent between the March quarters.
Nine of the 15 industries studied by Stats NZ recorded lower seasonally adjusted sales volumes in the first three months of 2023 compared with the December 2022 quarter.
Motor vehicles and parts retailing had the second-largest fall, with the numbers dropping $104.1 million, or 2.8 per cent, over that timeframe to $3.6b.
Hardware, building and garden supplies were the hardest hit category and tumbled by $151.6m, or 6.3 per cent.
Seasonally adjusted sales values also fell for the automotive sector, slipping $85.2m, or 2.1 per cent, to $4b.
As for the actual total value of stock for motor vehicles and parts, this increased by $143m, or seven per cent, year-on-year to reach $2.2b at the end of March.
