Retail sales in New Zealand showed a seasonally adjusted uptick of 0.5 percent in the first quarter of 2024, as reported by Statistics New Zealand on Thursday. This increase outperformed forecasts, which had anticipated a 0.3 percent decline, following a 1.9 percent decrease in sales during the previous quarter.
Breaking it down by industry, notable changes included a 2.8 percent decline in hardware, building, and garden supplies, while food and beverage services rose by 2.2 percent. Motor vehicle and parts retailing experienced a 1.1 percent increase, recreational goods retailing surged by 4.7 percent, and accommodations saw a 4.1 percent rise.
The overall value of retail sales climbed by a seasonally adjusted 0.7 percent quarter-on-quarter to reach NZ$30 billion. However, on an annual basis, sales were down by 2.4 percent, following a 4.1 percent decline in the preceding three months.
