New Zealand Retail Sales decline for an eighth straight quarter, down 1.9%

New Zealand's QoQ Retail Sales fell 1.9% in the fourth quarter, chalking in an eighth consecutive month of declining retail volumes. The previous quarter also saw a downside revision to -0.8% from the initial print of 0.0%.

New Zealand Retail Sales excluding Autos also declined 1.7% versus the previous 0.4% uptick (revised down from 1.0%).

According to Stats NZ, total Retail Trade volume fell 1.9% in 2023's fourth quarter, marked by a decline in all but one of the 15 tracked sectors. Pharmaceuticals and other store-based retailing were up a scant 0.3%, while the quarter's losses were led by fuel retailing and motor vehicles and parts, down 3.6% and 2.5% respectively, with food and beverage services declining 2.4%.

Stats NZ noted that after adjusting for price inflation and seasonal effects, total retail sales in the quarter ended in December compared to the same period a year ago.

This is the first decline in New Zealand Retail Sales since the national COVID lockdowns in 2020 and 2021. Before the COVID pandemic, the last time New Zealand saw declines in Retail Sales was the quarter ended September 2009.