Economic relief for New Zealand consumers can’t come soon enough for the struggling retail sector, Retail NZ Chief Executive Carolyn Young says.

Stats NZ’s Electronic Card Transactions for July shows a small increase in ‘total core retail’ spending compared to June (seasonally adjusted monthly values).

This includes an increase of 3.7% in spending on consumables from July 2024, which reflects increasing prices rather than increased transactions, Ms Young says.

“We know that consumers are continuing to be careful with their spending and we have yet to see the boost expected from lower interest rates as more consumers are set to re-fix mortgages. Low consumer confidence is still limiting sales and retailers are keenly awaiting improvements.”

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