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Retail Costs Increase While Sales Remain Flat
Flat retail sales in January are not helping retailers facing ever-increasing costs, Retail NZ says.
New Stats NZ electronic card transaction data for January 2025 shows that total retail sales were down 0.5% compared to January 2024.
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 are continuing to be careful with their spending,” Ms Young says.
“Retail NZ members are telling us that their profitability continues to be eroded by big increases in business costs, particularly rates and insurance. Today’s data shows that price increases as a result of inflation and the post-Covid surge in population are not translating into higher incomes for retailers.
“We look forward to seeing a further cut in interest rates following next week’s OCR announcement, as well as outcomes from the Government’s new focus on economic growth, to give consumers more confidence to spend.”
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