In encouraging news for the New Zealand retail sector, the latest figures released on May 22, 2024, reveal that retail sales have experienced an improvement in the first quarter of 2024. The updated data shows a decline of -2.4% compared to the same period last year, marking a notable recovery from the -4.1% year-on-year drop recorded in the fourth quarter of 2023.
This upward trend suggests a gradual revitalization of consumer spending following a challenging economic period. Analysts opine that various factors, including seasonal adjustments and potential fiscal stimulus measures, may have contributed to this positive shift.
While a -2.4% decline still indicates a contraction, the reduction in the rate of decline is a promising sign for businesses and policymakers who are keen on steering the economy towards a more robust recovery throughout the rest of 2024.
