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Retail Sector Continues To Battle Low Consumer Confidence
Glimmers of improvements in the economy are on the horizon but the latest spending data from Worldline shows that retailers are struggling right now, according to Retail NZ.
The data for July 2024, released today, shows consumer spending with Core Retail merchants (excluding Hospitality) in its payments network was down 2.6% compared with July 2023.
This continues the trend of recent months and aligns with Retail NZ’s recent Retail Radar quarterly survey which showed that 71% of members failed to meet sales targets last quarter and 42% of retailers are uncertain if they can survive the next 12 months.
“While the potential change in the Official Cash Rate (OCR) provides some hope, the challenge for retailers is to survive until 2025. Cashflow is critical and some retailers have indicated they don’t think they will have the cash to buy forward stock, putting their businesses at risk,” Retail NZ Chief Executive Carolyn Young says.
“Along with last week’s tax cuts, we hope that consumers will start feeling more confident, with a greater willingness to support local retail businesses.”
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