March 2024 Retail Rebounds After Eight-Quarter Slump

The total volume of retail sales rose 0.5 percent in the March 2024 quarter, after adjusting for price inflation and seasonal effects, according to figures released by Stats NZ today. This followed falls in the previous eight quarters.

QuarterPercent
Mar-22-0.45
Jun-22-1.96
Sep-22-0.92
Dec-22-0.88
Mar-23-0.98
Jun-23-0.48
Sep-23-0.79
Dec-23-1.84
Mar-240.52

"In the March quarter we saw a modest increase in retail activity, with growth across most industries," business financial statistics manager Melissa McKenzie said. "This followed two years of declines."

Nine of the 15 retail industries had higher retail sales volumes in the March 2024 quarter, compared with the December 2023 quarter, after adjusting for price inflation and seasonal effects.

The biggest contributors to the rise in retail activity in the March 2024 quarter were:

  • food and beverage services - up 2.2 percent
  • motor vehicle and parts retailing - up 1.1 percent
  • recreational goods retailing - up 4.7 percent
  • accommodation - up 4.1 percent.

Retail sales up in most regions

Thirteen of the 16 regions had higher retail sales values in the March 2024 quarter, compared with the December 2023 quarter, after adjusting for seasonal effects. Regional data is not adjusted for price inflation.

"Retail sales increased the most in Canterbury and Otago in the March quarter, which could have been influenced by more international visitors, an early Easter holiday, and special events such as SailGP and Warbirds Over Wanaka," McKenzie said.

International travel: March 2024 has more information on overseas visitor arrivals.

"Region""$"
"Canterbury""146942000"
"Otago"" 55935000"
"Waikato"" 44306000"
"Southland"" 23799000"
"Bay of Plenty"" 22041000"
"Manawatū-Whanganui"" 21857000"
"Northland"" 18459000"
"Auckland"" 16134000"
"Marlborough"" 14157000"
"Hawke's Bay"" 8909000"
"Wellington"" 7589000"
"Nelson"" 3864000"
"Tasman"" 1985000"
"Taranaki"" -988000"
"Gisborne"" -2018000"
"West Coast"" -6229000"
/Stats NZ Public Release. This material from the originating organization/author(s) might be of the point-in-time nature, and edited for clarity, style and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s).View in full here.