New Zealand's retail sector experienced a 0.6% decline in June 2024 card transactions, marking a 4.9% year-over-year decrease.

New Zealand's retail sector continues to struggle with a 0.6% decline in June 2024 card transactions compared to May 2024, marking a total decrease of 4.9% year-over-year. Spending dropped in all major categories, including fuel, durables, hospitality, motor vehicles, and apparel. Non-retail categories, such as medical services and travel arrangements, experienced a 1.7% increase. The ongoing decline in retail spending raises concerns about the broader economy and retailers' profitability.

July 12, 2024
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