Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


NZ retail spending rises 0.9% in 2nd-qtr

NZ retail spending rises 0.9% in 2nd-qtr as consumer confidence improves

By Paul McBeth

Aug. 25 (BusinessDesk) – New Zealand retail spending grew at a faster pace than forecast in the June quarter as households feel more confident to hit the stores.

The total volume of retail spending grew a seasonally adjusted 0.9% in the three months ended June 30, according to Statistics New Zealand data, beating the 0.6% expansion picked in a Reuters survey of economists. Stripping out motor vehicle related spending, the core figure grew 1%.

The value of retail spending, which accounts for both sales volume growth and price hikes, climbed 1.7% in the quarter to $16.94 billion, and was 4.1% ahead of the same period a year ago. The value of core retailing grew 1.4% to $13.01 billion and is up 3.1% from June 2010.

Earlier this month, the ANZ Roy Morgan consumer confidence survey showed people are the most optimistic they’ve been for seven months, and today’s figures pick up on a growing trend of data showing New Zealand’s economic recovery is gathering pace ahead of expectations.

Of the 15 industries surveyed, 12 reported increased sales, led by a 4.9% increase in the value of spending on motor vehicles and car parts rose to $2.06 billion on a 4.2% increase in volumes. Supermarket and grocery store spending grew 1.6% to $4.25 billion on a lift in volume of 0.2%, and the value of electronic goods purchased climbed 7.2% to $679 million on a 10% gain in volumes.

The value of quarterly spending on fuel rose just 0.1% to $1.86 billion on a 4.1% decline in volume.

Spending on hardware, building and garden supplies fell 1.6% to $1.12 billion, non-store and commission-based retailing fell 4.7% to $210 million, and specialised food spending dropped 4.3% to $311 million.

Though the data set doesn’t drill into a regional level, it indicated spending on hardware, building and garden supplies and fuel grew significantly more in Christchurch.

Wellington reported the fastest growth at a regional level at 1.8%, followed by Canterbury at 1.2%. Auckland was the slowed at 0.2%.

Last week, Reserve Bank data showed total credit card billings grew 1% to a seasonally adjusted $2.47 billion in July compared to the same month a year ago for an annual pace of 7.3% growth.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Auckland Transport: Successful Bridge Repair Opens Two Additional Lanes To Traffic

The opening of two additional lanes on the Auckland Harbour Bridge this morning will help relieve some motorway congestion for motorists heading home to the North Shore tonight. More>>


Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>


Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>


MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>


University Of Auckland: Whale-Watching By Satellite – Follow Their Travels Online

Scientists have successfully attached satellite tracking tags to six New Zealand southern right whales, or tohorā, and are inviting the public to follow the whales’ travels online. Part of a major research project involving the University of Auckland ... More>>

Commerce Commission: Kiwibank Admits System Failures And Agrees To Pay Customers $5.2 Million

Kiwibank has entered into a settlement agreement with the Commerce Commission after reporting that it failed to have in place robust home loan variation disclosure policies, procedures and systems. In a settlement dated 27 August 2020, Kiwibank admitted that ... More>>

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>


NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>


Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>