New Zealand’s retail sector showed a marginal loss of momentum at the end of 2025, with quarterly sales growth versus a year earlier edging down in the fourth quarter. The annual growth rate in retail sales slipped to 4.4% in Q4 2025, just below the 4.5% recorded in the third quarter of 2025.
The updated figures, released on 22 February 2026, indicate that while consumer spending remains relatively robust, it is no longer accelerating. The near-flat change between the third and fourth quarters suggests a period of consolidation for retailers, as households maintain spending but with slightly less vigour than earlier in the year. Investors and policymakers are likely to watch upcoming quarters closely to see whether this modest slowdown develops into a more pronounced cooling of domestic demand or stabilises at current growth levels.
