The retail spending slump is getting worse, with sales figures falling for the fourth consecutive month - and the latest fall is the biggest of the four. Statistics NZ says that on a seasonally adjusted basis, total retail spending slumped 1.1% in May 2024 compared with April, while 'core' retail spending - which excludes fuel and vehicles - fell 0.8% on a seasonally-adjusted basis last month. In the past fourth months the total retail spending figure movements have fallen by, in order, 0.8%, 0.7%, 0.4% and now 1.1%. The May total retail figures were down some 1.6% on those for May 2023. Westpac senior economist Michael Gordon said retail spending levels have fallen over the last year despite some strong population growth, "which points to an even sharper fall in per-capita spending".

Source: Stuff June 13, 2024 03:18 UTC