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Retail Sector Continues To See Decline In Retail Sales
The latest spending data from Worldline shows continued woes for retailers in September with all regions across Aotearoa showing a decline in spending year on year.
The data for September 2024, released today, shows consumer spending with Core Retail merchants (excluding Hospitality) in its payments network was down 3.4% compared with September 2023.
This continues the trend of recent months and aligns with Retail NZ’s recent Retail Radar quarterly survey which showed that 71% of members failed to meet sales targets last quarter and 42% of retailers are uncertain if they can survive the next 12 months.
“We had been hoping that the recent cuts in the Official Cash Rate (OCR) and the tax breaks in August would provide some impetus for consumers to get back to the stores. Speaking to retailers this week we are hearing of some pretty tough trading numbers, which is putting pressure on the last quarter of the year with retailers needing to see a significant turnaround in sales,” Retail NZ Chief Executive Carolyn Young says.
“The data shows us just how difficult it is in some regions with Southland down 11.8%, South Canterbury down 7.4% and Bay of Plenty down 5.5%. Our members are telling us that cashflow is tight, with many businesses not sure if they have enough cash to buy forward stock, impacting their ability to stay open.”
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