Retail in New Zealand as seen another positive improvement with the biggest increase for 25 years. According to results released by Stats NZ, the country recorded an impressive 7.4 per cent year on year increase in retail sales for September. This is the biggest increase since 1995.
The economy has been recording continual rises in retail sales over the past few months. Covid caused a massive drop of 15 per cent in June and this good performance does not quite make up for that terrible performance but at least the economy is making big strides back into normality.
From October last year to September this year, retail sales were down $172 million to $97.6 billion. This is a 0.2 per cent decrease.
Those areas that drove the record result was major household items including cards and groceries which was responsible for a $1.8 billion increase. This value broken down further showed that Vehicles had an increase of 13 per cent equating to $454 million and groceries had an increase of 8.4 per cent valued at $429 million.
With many New Zealanders being stuck at home, many spent money on improving their homes with building activity increasing in the period and home hardware and garden supplies up significantly.