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Strong Retail Sales In November On Back Of Singles Day, Black Friday & Cyber-monday

The latest Retail NZ Sales Index, shows that spending through November remained strong, and that total spending since March is now ahead of last year.

“The Retail NZ Sales Index for November reports that spending through the month was around 25.7 per cent higher than last year, and that total spending since March is now 3.4 per cent higher than for the same nine months last year,” Greg Harford, Retail NZ Chief Executive, said today. “This is good news after a year of turmoil on the back of COVID-19. The strong overall result reflects increased consumer confidence, the fact that Kiwis are staying at home and not travelling overseas, and low interest rates which may be encouraging spending. However, performance is uneven across the sector and, while many businesses are performing well, a significant number of individual businesses are continuing to see their revenues lag well behind last year.

“The Singles Day, Black Friday and Cyber Monday shopping festivals will have contributed to the strong November result, and retailers will be hoping that consumer confidence remains strong in the run-up to Christmas. Key challenges for the sector include managing supply chain and freight delays, as well as the risk that businesses could be ordered closed if there were a further outbreak of COVID-19.”

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