The release of the Bank of New Zealand’s retail sale statistics show that online retail spending is up 16 percent compared to the same time last year.
The statistics show that the annual spend across the retail categories monitored by BNZ is estimated to be 3.8 billion.
This is equivalent to 7.4% of total retail sales for the same period, as reported in Statistics New Zealand’s.
Although national online spending has increased but a large percentage, brick and mortar spending has only increased by 4.2 percent, down from 5.1 percent as the end of June 2016, a significant drop of 0.9 percent as indicated in the graphs below.
Electronic card payments were up 11 percent, while growth in New Zealand online sales by international retailers was down by two percent.
The BNZ retail sales told Market View that, “Purchases from clothing, food and computer stores were responsible from more than half of the growth in online retail spending this month, when compared to 2016.”
Trading economics show this is the smallest rise in physical retail spending since the second quarter of 2014, signaling a drop of 3.1 percent in two years percent as indicated in the graph below.
Purchase's form offshore online retail was also up 15 percent on the previous January, while spending on local sites was up 17 percent.
BNZ is set to release its analyst of 2016 Christmas trading at the end of March 2017.