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Retail Sales (QoQ) (New Zealand)

The trend has been bearish since early February for NZD/USD
Event Date: Thursday, November 23, 2023
Event Time: 21:30 CET

The Decline in Retail Sales Doesn\'t Stop

Updated Sunday, November 19, 2023
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, and they have remained pretty strong this year as well, but in Q2 the increase slowed a lot,as headline sales increased by only 0.2%, while core sales increased by 0.3%. In Q3 though we saw a big jump in sales, with headline sales increasing by 1.6%, while core sales by 1.8%. In Q4, the increase slowed to 0.7%, while sales were expected to turn negative in Q1 of this year due to coronavirus. They declined by 0.7% in Q1, while in Q2 they fell by 14.6%, while core sales declined by 13.7%. Although, they posted a massive increase in Q3 of 28% but in Q4 sales fell again by 2.7%. In Q1 of 2021 they declined by 0.5% while in Q2 we saw 2.3% decline, but Q3 is expected at 0.5%. Please follow us for live coverage of this event by experienced analysts.    

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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.
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