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Retailers Are Continuing To See Declining Sales
Retail card spending figures for June 2024 show that the retail sector is battling through a long cold winter, Retail NZ Chief Executive Carolyn Young says.
Stats NZ’s latest Electronic Card Transactions shows a –4.9% fall in retail spending compared to June 2023. This follows a –1.6% fall in May, compared to the same month of 2023.
“Retail NZ members are telling us that it’s tough to make sales and customers are spending less. At the same time, retailers’ costs are rising with increases in wages, insurance, freight and other business expenses. Retailers experienced tough trading conditions in 2023 so we are comparing off a low base. Further decreases in sales are eating into margins and profitability,” Ms Young says.
Retail NZ is currently surveying its members on trading conditions through the second quarter of 2024 (April-June) and indications are that more than 70% of respondents did not meet their sales targets for the quarter.
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