Q2 retail sales volumes fell 0.5% quarter-on-quarter, missing the 0.1% growth estimate and signaling weaker consumer demand.
New Zealand retail sales volumes contracted 0.5% in the second quarter, below the 0.1% increase economists had expected. The decline followed a revised 1.0% gain in Q1, highlighting a sharp slowdown in consumer spending.
The data, released by Statistics New Zealand, marks the first quarterly drop in retail sales volumes since Q3 2023. Analysts had anticipated a modest rebound after Q1’s upwardly revised growth, but weaker demand across key sectors weighed on the print.
Markets are assessing the figures for signs of cooling domestic activity, which may influence the Reserve Bank of New Zealand’s policy outlook.