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Economic Growth Needed To Support Retail Sector
The Government’s new economic growth agenda can’t come soon enough for the beleaguered retail sector, Retail NZ says.
New electronic card transaction data for December 2024 shows that total retail sales were down 1% compared to December 2023. The fall came despite the number of transactions staying the same, showing that consumers were spending less with each transaction.
Today’s figures also show that sales for all of 2024 were down 2.2% compared to 2023.
This continues trends the retail sector saw through 2024, Retail NZ Chief Executive Carolyn Young says.
“While retailers saw some benefit from the customary Christmas rush and the Boxing Day sales, consumers were being careful with their spending. There was a small increase in sales of consumables but durables and apparel both fell, compared to the same time in 2023,” Ms Young says.
“Profitability will continue to be a major challenge for retailers as we head into the new year. We are looking forward to seeing the benefits of the Government’s new focus on economic growth, to put more money in customers’ wallets.”
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