The latest Retail NZ Sales Index reveals that November spending remains strong on the back of Singles Days, Black Friday and Cyber Monday, and total spending since March is now ahead of last year.
The report shows that spending through last month was around 25.7 percent hight than last year, and total spending since march is now 3.4 percent higher than for the same nine months last year.
Retail NZ chief executive Greg Harford, says the report brings good news after a year of turmoil on the back of Covid-19.
“The strong overall result reflects increased consumer confidence, the fact that Kiwis are staying at home and not travelling overseas, and low interest rates which may be encouraging spending.
“However, performance is uneven across the sector and, while many businesses are performing well, a significant number of individual businesses are continuing to see their revenues lag well behind last year.”
Singles Day, Black Friday and Cyber Monday have contributed to the strong November result, and retailers will be hoping that consumer spends will remain strong in the run-up to Christmas. Key challenges for retailers will include managing supply chain and freight delays, as well as the risk of closing shop if there were a further outbreak of Covid-19.