Westpac senior economist Satish Ranchhod says "New Zealand’s retail sector is clearly turning down". Retail spending fell by 0.7%, while core retail spending, which excludes fuel and motor vehicles, also dropped 0.7%. The monthly spending figures have been quite volatile, but the general emerging trending appears to be for slowing spending, particularly on discretionary items. Mundy added that on an annual basis, retail card spending is now also falling (-2% year-on-year). "Given that card spending is not adjusted for inflation, which rose roughly 5.5% over the same timeframe, the decline in real retail card spending is likely closer to -7% yoy."

Source: Stuff November 15, 2023 05:02 UTC