Small businesses in New Zealand face a 2.7% sales decline, slow wage growth, and increased downsizing; Xero promotes local support.

Small businesses in New Zealand are struggling with a 2.7% year-on-year sales decline as of September, particularly in construction, agriculture, and retail. Wage growth has slowed to 2.8%, below the pre-pandemic average. About 31.3% of small businesses are downsizing their workforce, the highest since early 2020, with significant impacts in hospitality and manufacturing. Xero encourages locals to support small businesses by shopping locally and making timely payments.

October 30, 2024
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