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Retail NZ Hopes Rate Cut Brings Christmas Cheer
Today’s cut in the Official Cash Rate is an early Christmas present for the retail sector, according to Retail NZ.
“We are delighted at the Reserve Bank’s decision to cut the OCR by 50 basis points to 4.75%,” Retail NZ Chief Executive Carolyn Young says.
“Coming at the beginning of Q4, this will be welcome news for retailers as they prepare to enter the period that is traditionally the busiest time of year for retail sales. Strong pre-Christmas sales are critical to retailers meeting their annual sales targets.”
Retail NZ is hopeful that today’s OCR announcement will turn around consumer confidence, which has been at prolonged low levels over the last couple of years. Improved confidence will help retailers, who have been suffering a continued downturn in sales.
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