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Retail Challenges Continue
Retail trade statistics for the September 2024 quarter show that the retail sector is continuing to face challenges, Retail NZ Chief Executive Carolyn Young says.
Stats NZ’s latest Retail Trade Survey shows that core retail sales fell 1.7% compared to the same quarter of 2023. Total retail sales (including motor vehicles and parts, and fuel) were down 2.8%.
“This aligns with our recent Retail Radar quarterly survey which found that 70% of survey respondents did not meet their sales targets in the July-September quarter,” Ms Young says.
Although there are early signs that the economy is starting to improve, these were not enough to encourage consumers to spend more during the quarter.
“As we look towards the OCR update on Wednesday, we hope that will provide consumers with increased confidence in the future,” Ms Young says.
“The next few weeks are critical for retailers with key sales periods including the Black Friday sales and Christmas promotions. Many retailers rely heavily on strong sales during this period to ensure they have a buffer for quieter months. The turnaround in the economy can't come soon enough for the retail sector.”
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