New Zealand Retail Sales Report
Retail Sales (QoQ) (New Zealand)
Retail Sales to Get Weaker in Q2
Starts Thursday, August 22, 2019 at 22:45
Updated Friday, August 23, 2019
Retail sales have been growing strongly by over 1.5% quarter-on-quarter in New Zealand, except for Q3 2017 and the same quarter in 2018. Although in the first quarter of 2018, retail sales grew by only 0.1% against 1.0% expected. The previous quarter was revised lower as well, down from 1.7% to 1.4%. While retail sales increased in Q1, that was an unexpected turnaround because they have been growing pretty strongly in the previous quarters by more than 1%, except the Q3 of 2017. In Q2 of 2018, retail sales grew by 1.1%, more than the 0.4% expected. In Q3, retail sales were expected to increase by 1.0%, which would be an impressive run but instead they fell flat as the global economy slowed down. In Q4 though, sales jumped 1.7% higher, although it remains to be seen whether they will keep the pace.
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About Retail Sales (QoQ) (New Zealand)
Developed by the New Zealand Bureau of Statistics, Retail Sales is a measure of the value of goods sold by retailers. It is based on a select basket of goods and adjusted for inflation. Retail Sales is released on a monthly basis, with comparisons drawn over previous data and industry projections.Retail Sales is a primary metric of consumer confidence and is typically viewed as being a driver of New Zealand’s economic performance. Household consumption is a key component of the New Zealand economy, accounting for nearly 60% of aggregate GDP.Retail Sales provides insight into spending patterns, as well as trends in consumer behavior. High readings are viewed as being positive or bullish for the New Zealand dollar (NZD), while lagging reports stimulate negative market sentiment. Its release can act as a catalyst for short-term volatility facing the NZD or the basis for long-term investing practices.