Local Businesses Cautiously Optimistic About Summer

Local business data collated by the Parnell Business Association shows that businesses were worse off this winter compared to the COVID-19 lockdowns, with the festive period expected to bring in around 85-90% of the cash flow experienced during the same period last year.

Cheryl Adamson, General Manager of the Parnell Business Association, says, “For many of our local businesses, this winter was extremely quiet, and not something they had adequately anticipated. We know they’re not alone in this, so that’s why we’re urging all Aucklanders to shop locally and show their support at the most important trading time of the year.”

While October figures from Datamine show that in-store retail spending was down 7.6% in October (YOY), many retailers are bracing themselves to be down 10-20% over December, compared to 2023. Today’s announcement from the Reserve Bank that the official cash rate will drop to 4.25% has created a cautious sense of optimism, however businesses will still need to see freed-up mortgages translate to discretionary spending.

“We hope that as we head into 2025, businesses and locals will be able to leave some of the challenges of the last 12 months behind them. With shops busy, infrastructure upgrades planned and a refresh for Heard Park, plus the imminent opening of 269 Parnell Road, we’re really excited about what’s to come in our part of the City,” concludes Adamson.

© Scoop Media