New Zealand retail sales fall 1.2% QoQ in Q2

Retail sales in New Zealand were reported to have decreased at a quarterly pace of 1.2% in Q2 of 2024, after a revised down 0.5% rise in the first quarter.

Market consensus had pointed to a 1% quarter-on-quarter decline.

The Q2 sales drop extended the downward trend observed over the past eight quarters.

In Q2, eleven out of the fifteen retail industries registered lower sales volumes, with the biggest declines being in:

– electrical and electronic goods retailing (-6.0% quarter-on-quarter);
– clothing, footwear and personal accessories (-4.1% quarter-on-quarter);
– motor vehicle and parts retailing (-2.7% quarter-on-quarter);
– food and beverage services (-1.9% quarter-on-quarter).

In annual terms, retail sales in New Zealand decreased 3.6% in the second quarter, following a 2.4% slump in Q1.

The New Zealand Dollar was 0.11% firmer on the day against the Euro, with the EUR/NZD currency pair last trading at 1.8073.

The minor Forex pair was hovering just above a 1-month low of 1.8030, which it recorded on August 20th.