Retail sales volumes rise for first time in two years

Retail sales volumes rise for first time in two years
New Zealanders are starting to spend again. (Image: Michael Craig)
Gregor Thompson
After two years of uninterrupted declines, the total volume of seasonally adjusted retail sales rose 0.5% quarter-on-quarter in the March 2024 quarter to $24.8 billion, Stats NZ reports. Volumes of recreational goods rose a seasonally adjusted 4.7% compared with the quarter to December. Accommodation and food and beverage services volumes rose 4.1% and 2.2% respectively.The rise was “well above” Westpac’s expectations but the bank remains doubtful about a wider rebound.“Rather than pointing to a resurgence in spendi...