Spending on cars stays strong
Spending on motor vehicles and parts have remained strong in the year following the country’s first lockdown in response to Covid-19, according to new figures from Stats NZ.
Retail sales values for the industry hit $3.834b in the March 2021 quarter, which was $740 million – or 24 per cent – higher than the $3.094b spent in the first three months of the previous year.
The motor-vehicle industry has been one of the few to show stronger sales a year on from the country’s level-four lockdown that began in the last week of March 2020.
Other retail sectors to enjoy substantial increases over the same period include hardware, building, and garden supplies, up $407m, or 19 per cent, and electrical and electronic goods, which climbed $239m, or 26 per cent.
After adjusting for price and seasonal effects, spending on motor vehicles and parts in the March 2021 quarter increased by $95m, or 2.5 per cent, from the December 2020 quarter.
Fuel retailing suffered consecutive falls throughout the year and was down $137m, or 6.1 per cent, to $2.106b in the first quarter of 2021 when compared to the same time a year ago.
However, the fuel sector was up $47m, or 2.3 per cent, in the seasonally adjusted figures between December 2020 and March 2021.
In actual terms using year-on-year movements, Stats NZ says total retail sales values rose $1.6b, or 6.5 per cent, in the March 2021 quarter. This follows a $1.3b, or 4.9 per cent, rise in the December 2020 quarter.
After adjusting for price and seasonal affects, the total increased 2.5 per cent in the March 2021 quarter following a 2.6 per cent fall in the December 2020 quarter.
Ten of the 16 regions had higher sales values in the March 2021 quarter compared with the previous months.
The Auckland region had the largest increase after adjusting for seasonal effects, up $199m or 2.1 per cent, followed by Canterbury, which rose $76m or 2.3 per cent.
Otago and Marlborough suffered the biggest drops of $38m, or three per cent, and $12m, or 4.7 per cent, respectively.
The value of stock held by retailers at the end of March 2021 was $8.3 billion, down $94m, or 1.1 per cent, compared with the same time a year earlier.
Eight of the 15 industries studied by Stats NZ recorded falls in stock over that timeframe. The largest was in motor vehicles and parts retailing, which slipped $146m, or 7.6 per cent, to $1.762b.
