NZ Online Retail Sales - Update for October 2016
Please find attached the latest BNZ and Marketview monthly report on New Zealand’s Online Retail Sales.
• Total online retail spending was up 14% compared to October last year, continuing the strong trend of recent months.
• Online retail sales at local sites were up 11% on last October.
• Online retail sales at offshore sites were very strong - up 17% on last October.
• Purchases from Clothing, Food and Computer stores were responsible from more than half of the growth in online retail spending this month, when compared to October 2015.
• October 1 was the first day of the ‘Netflix tax’, which added GST to digital online services from international providers. However, our reported figures exclude GST, which means they exclude the estimated impact on prices from the ‘Netflix tax’. Only a few weeks out from its implementation, it’s too early to clearly identify any effects on underlying purchase behaviour. Prima-facie, there appears to be no obvious volume impact so far, for the digital goods which fall into the retail categories we track. (N.B. TV subscriptions are not included as “Retail” under the ANZSIC system, and are not in our series).
• We are planning to release our November report on 22 December, in time for some early Christmas shopping results.