The country's small businesses had their first year-on-year monthly drop in sales last month since the Auckland Covid lockdown in 2021, according to Xero. These declines were offset by sales growth in Hawke’s Bay (+5.4% y/y), Auckland (+1.7% y/y) and Otago (+1.5% y/y). This puts small businesses in a vulnerable position as real wages are falling, meaning small business sales could remain under pressure," Snelling said. New Zealand sales growth also dropped slightly behind the United Kingdom, which had +1.1% y/y growth over the same period. "However if sales continue to trend downwards, this fast pace jobs growth could be difficult for small businesses to sustain."

Source: The Guardian October 26, 2023 00:25 UTC