New Zealand Retail

New Zealand

Retail sales contract in first quarter following Rugby World Cup boost

In the first quarter, retail sales dropped a seasonally adjusted 1.5% over the previous quarter, which contrasted the revised 1.8% increase observed in the fourth quarter (previously reported: +2.2% quarter-on-quarter). The first quarter contraction was worse than market analysts' expectations, which had anticipated retail sales to decline 1.0%. Compared to the same period last year, retail sales decelerated from a 6.4% increase in the fourth quarter to a 3.4% expansion in the first. According to the National Statistics Office, retail sales dropped in Q1, following a boost from the Rugby World Cup in the previous two quarters. That said, the quarterly contraction mainly reflected declines in core retail sales (which exclude vehicle-related sales), particularly in sales of supermarket and groceries stores, accommodation as well as department stores

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Note: Quarter-on-quarter seasonally adjusted and annual variation of retail sales in %.
Source: Statistics New Zealand and FocusEconomics calculations.

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