Retail sales in New Zealand have ramped up to records levels from March through to June, rising by 2.3 percent. Statistics New Zealand says this is the biggest boost recorded in retail sales since December 2006.
Figures from Paymark show tourists are contributing significantly to local spending, with the top spenders being the UK, the US and Australia. Over $270 million has been contributed to the local economy through February by credit card.
Retailers can celebrate a job well done over the past couple of months, as figures released show New Zealand’s retail industry experienced record sales during the December quarter. Plus: we explore whether rising private debt should be a concern for retailers.
Reading about retail sales is one thing, but seeing almost twenty years of it visualised is another. Check out the rises and falls in New Zealand’s different retail sectors in our graph below.
The Consumer Price Index (CPI) measures the change in price of a fixed basket of goods and services bought by Kiwi households. Its accuracy is of the utmost importance, as it is the official measure of inflation in New Zealand. We find out just how accurate it is at measuring the cost of living.