FX.co ★ New Zealand Retail Sales Slip 0.5% On Quarter In Q1

New Zealand Retail Sales Slip 0.5% On Quarter In Q1

The total volume of retail sales in New Zealand was down a seasonally adjusted 0.5 percent on quarter in the first quarter of 2022, Statistics New Zealand said on Tuesday.

That follows the downwardly revised 8.3 percent increase in the three months prior (originally 8.6 percent).

By industry level, the largest movements were motor vehicle and parts retailing - down 4.0 percent; hardware, building, and garden supplies - down 5.5 percent; electrical and electronic goods retailing - up 2.7 percent; and non-store and commission-based retailing - down 10 percent.

The total value of retail sales was up 0.5 percent on quarter or NZ$133 million in Q1.

On a yearly basis, sales volume was up 2.3 percent, slowing from 4.4 percent in the previous three months.

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