Our take on the latest Retail trade survey (Fri 22 May 2020)
Seasonally adjusted retail volumes down 0.7% from December
Supermarket and grocery spending up 7.9%pa
Accommodation retail volumes down 8.2%pa
The key numbers...
- Retail trade volumes fell 0.7% in the March quarter, meaning that annual growth slowed from 3.3% in December 2019 to 2.3%pa.
- Supermarket spending grew 7.9%pa, electronic spending grew 15%pa, and spending on liquor grew 9.7%pa as the nation stocked up before the Level 4 lockdown started on March 25.
- Retail spending on accommodation and food and beverage services fell 8.2% and 6.7%pa respectively, with the hospitality industry already feeling the burn from travel restrictions.
- Motor vehicles and fuel retailing also declined 5.6% and 1.4%pa respectively.
The quarter's big movers
Contribution to % change in retail volume
...and our reaction
- Supermarket spending, the largest component of retail spending, grew at the fastest rate we have seen in nearly 15 years, making up for declines in many other storetypes.
- The June quarter will be the worst quarter on record, with a provisional retail sales index from StatsNZ showing spending in April 2020 was 80% below spending in April 2019.
- April will be the worst month in 2020 because that was when the majority of the Level 4 lockdown was in place. But retail will continue to suffer from zero tourism and trading restrictions in place during level two, especially businesses that rely on a high volume of customers for their revenue.
- Consumption behaviours are likely to remain weak throughout the next two years, with spending on durables and non-essential items taking the biggest hit.
Latest updates
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1.0% Core retail sales volumes in the March 2026 quarter (seas. adj.)8 of 13 core industries recorded quarterly rises (seas. adj.)-4.8% Clothing, footwear in the March 2026 quarter (seas. adj.)Premium
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Mon 23 Feb 2026
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Thu 27 Nov 2025
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Core retail sales volumes up 1.2% in September (seas. adj.)
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Retail spending continues to recover, slowly
Mon 25 Aug 2025
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Core retail sales volumes up 0.5% in June (seas. adj.)Eight of 13 core industries saw quarterly rises (seas. adj.)Spending growth across country, led by the south