New Zealand Retail Sales Slump 1.9% In Q4

(RTTNews) - The total volume of retail sales in New Zealand was down a seasonally adjusted 1.9 percent on quarter in the fourth quarter of 2023, Statistics New Zealand said - contracting for the eight straight quarter.

That missed forecasts for a decline of 0.2 percent following the flat reading in the previous three months.

Core retail sales slumped 1.7 percent on quarter, also missing expectations for a decline of 0.1 percent after slipping 0.4 percent in the three months prior.

The total value of seasonally adjusted retail sales was NZ$30 billion, down 1.5 percent on quarter.

The total value of actual stock as at 31 December 2023 was NZ$9.4 billion, down 4.1 percent (NZ$401 million) compared with 31 December 2022.