Q2 retail sales fell 0.5% quarter-on-quarter, missing expectations of a 0.1% drop and signaling weaker consumer demand.
New Zealand retail sales volumes contracted 0.5% in the second quarter, deeper than the 0.1% decline economists had anticipated. The drop follows a revised 1.0% gain in the first quarter, which was previously reported at 0.9%.
The data, released by Statistics New Zealand, reflects a slowdown in consumer spending amid broader economic pressures. Analysts had expected a modest decline after two consecutive quarters of growth, but the sharper-than-expected fall suggests weakening domestic demand.
Markets are monitoring the figures for potential implications on monetary policy, though no immediate reaction was reported.