New Zealand Retail Sales Rise 0.5% On Quarter In Q1

(RTTNews) - The total volume of retail sales in New Zealand was up a seasonally adjusted 0.5 percent on quarter in the first three months of 2024, Statistics New Zealand said on Thursday.

That beat forecasts for a decline of 0.3 percent following the 1.9 percent contraction in the three months prior.

By industry, the largest movements were: hardware, building, and garden supplies, down 2.8 percent; food and beverage services, up 2.2 percent; motor vehicle and parts retailing, up 1.1 percent; recreational goods retailing, up 4.7 percent; and accommodations, up 4.1 percent.

The value of retail sales was up a seasonally adjusted 0.7 percent on quarter at NZ$30 billion.

On a yearly basis, sales were down 2.4 percent after sinking 4.1 percent in the previous three months.