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Retail Radar Shows Significant Price Increases On The Horizon

Retail NZ has today released its quarterly Retail Radar report, showing that the retail sector will increase prices, supply chain impacts and dissatisfaction with the government approach to COVID-19 continues.

“Inflation is having a significant impact on the retail sector. The latest results from Retail Radar show that in the fourth quarter 57 per cent of retailers increased prices. The impact goes further with nearly three-quarters of retailers expecting to increase prices over the next three months by around 7.5 per cent” says Retail NZ Chief Executive Greg Harford.

“This confirms the move towards higher inflation signalled in today’s Stats NZ release.”

“Unfortunately for the sector costs continue to rise, and after years of absorbing cost increases, these are now being passed onto consumers.”

“During the last quarter, sales were up four per cent compared to the previous year, following a 14 per cent decline in the third quarter on the back of COVID lockdowns. Two-thirds of retailers reported hitting their sales targets for the quarter, while a third did not. Around a quarter of retailers are not confident that they will survive the next 12 months.”

“The sector continues to be dissatisfied with the government’s handling of COVID-19, with 59 per cent of retailers remaining unsatisfied or very unsatisfied.”

You can find the latest Retail Radar Report here.

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