First-quarter consumer spending in New Zealand rose more than expected, signaling resilient domestic demand amid economic uncertainty.
New Zealand’s retail sales increased 0.9% quarter-on-quarter in Q1 2026, exceeding the 0.5% consensus forecast. The gain matched the prior quarter’s 0.9% rise, reflecting steady consumer activity despite broader economic headwinds.
The data, released by Statistics New Zealand, highlights persistent spending strength after a similar 0.9% increase in Q4 2025. Analysts had anticipated a slower 0.5% expansion, making the print a positive surprise for markets.
The New Zealand Dollar responded modestly, with NZD/USD edging 0.07% higher to 0.5875 in early trading.