Retail Sales growth slows in February
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Electronic card spending was up 0.9 per cent month on month in February, according to the latest figures from Stats NZ, which are adjusted for seasonal effects.
This was modest compared to January’s 1.8 per cent month on month increase, though spending rose across five of the six retail industries in February.
The biggest increases were seen in groceries and liquor, where spending was up 1 per cent or $19 million on the previous month, fuel, where spending was up 1.3 per cent or $7.4 million on the previous month, and hospitality, where spending was up 0.7 per cent or $7 million on the previous month.
Vehicles, excluding fuel, was up 2.6 per cent or $4.6 million on January, and apparel was up 0.9 per cent or $2.8 million on January. Only durables was down 0.2 per cent, or $2.5 million.
“The rise in fuel spending coincided with a gradual increase in fuel prices, after a period of lower fuel prices,” Stats NZ retail manager Sue Chapman said.
“Sales of durables such as furniture, hardware and appliances, as well as clothes and shoes, appear to have levelled out in February, after a more volatile patch in December and January,” she said.
Core retail spending, which excludes the fuel and vehicle-related industries) rose 0.9 per cent in February.
Actual retail spending using electronic cards was $5.1 billion in the month, up $168 million, or 3.4 per cent, from February 2018.
Questions & Answers
Q.Which retail categories saw the largest spending increases in February?
Which retail categories saw the largest spending increases in February?
The biggest increases in spending were in groceries and liquor, which rose by 1 per cent or £19 million. Fuel spending was also up by 1.3 per cent or £7.4 million, and hospitality increased by 0.7 per cent or £7 million.
Q.What was the overall trend for electronic card spending in February compared to January?
What was the overall trend for electronic card spending in February compared to January?
Electronic card spending saw a more modest increase of 0.9 per cent month on month in February. This was a slowdown compared to January’s 1.8 per cent month on month increase, despite most retail industries showing growth.
Q.Why did fuel spending increase in February?
Why did fuel spending increase in February?
Fuel spending rose by 1.3 per cent, coinciding with a gradual increase in fuel prices. This followed a period where fuel prices had been lower, as noted by Stats NZ retail manager Sue Chapman.
Q.Which retail industry experienced a decrease in spending during February?
Which retail industry experienced a decrease in spending during February?
Only the durables category, which includes items like furniture, hardware, and appliances, saw a decrease. Spending in this sector was down by 0.2 per cent, or £2.5 million, in February.