New Zealand's retail sales decline has shown a sign of improvement, albeit slightly, during the third quarter of 2024. The recently updated data, published on 24th November 2024, indicates that retail sales fell by 2.5% compared to a year ago. This is an improvement from the previous quarter's decline of 3.6% recorded in the second quarter of 2024.
The reduced rate of decline could signal a modest recovery in consumer spending as the country continues to adjust to changing economic conditions. The third-quarter performance marks a step in the right direction, though challenges remain as retailers look to bolster sales and expand customer spending in the next few quarters.
Economists and market observers will be keeping a keen eye on these figures to assess whether this trend continues in the fourth quarter and into 2025, aiming to forecast a potential rebound in the retail sector. For now, the narrowed decrease provides a glimmer of hope for New Zealand’s retail industry.