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Slow Trading Continues For Retailers
Retail card spending figures for June 2024 show that the retail sector is continuing to face challenges, Retail NZ Chief Executive Carolyn Young says.
Stats NZ’s Electronic Card Transactions for June shows an increase in ‘total retail’ spending of just 0.5% compared to May (seasonally adjusted monthly values).
However, when compared with June 2024 – which is how retailers monitor their sales performance – sales are down 0.4%.
“While it’s positive to see the improvement in sales compared to May, the year-on-year data tells a different story,” Ms Young says.
Initial results from Retail NZ’s quarterly Retail Radar survey of retailers shows that about 60% of respondents report they did not meet their sales targets for the April-June quarter. The full survey results will be released next week.
“The retail sector is continuing to battle strong headwinds, with low consumer confidence limiting sales. Consumers are continuing to be careful with their spending and we have yet to see the boost expected from lower interest rates,” Ms Young says.
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