Q2 retail sales fell 0.5% quarter-on-quarter, missing forecasts of a 0.2% gain and signaling weaker consumer demand.
New Zealand’s Q2 2026 retail sales declined 0.5% quarter-on-quarter, below the expected 0.2% increase and down from a 0.9% rise in the prior quarter. Annual growth slowed to 3.3% from 4.5% previously, marking the weakest performance in two years.
Analysts had anticipated a modest rebound after Q1’s strong print, but inflation-adjusted sales dropped for the first time since Q3 2024. The data underscores cooling domestic demand amid elevated interest rates and slowing wage growth.
The NZD showed little reaction, holding near 0.5973 against the USD as traders await further signals on monetary policy.