New Zealand: Retail Sales to drop 0.3% in Q2 – Westpac

Analysts at Westpac offer a sneak peek at what to expect from New Zealand’s Retail Sales data due to be reported later this week.

Key Quotes:

“NZ Q2 real retail sales Aug 22, Last: +0.7%, WBC f/c: -0.3%, Mkt: +0.2%

Retail spending rose by 0.7% in the March quarter. That followed solid gains over 2018. Increases in spending were seen in many categories.

Mid-2019 has seen only muted gains in monthly gauges of spending. That’s consistent with the falls in consumer confidence and ongoing weakness in the housing market. Petrol prices also pushed higher over the quarter, constraining spending in other areas.

We’re expecting that the June quarter report will show that nominal spending growth was subdued over Q2, with volumes down slightly. Price growth is expected to remain limited (other than petrol).”

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