Commercial registrations and activity
Commercial registrations falter in August
11 Sept 2020
Our take on the latest Commercial registrations and activity (Fri 11 Sept 2020)
Total new commercial registrations fell 12%pa in August
New light commercials fell 12%pa
Declines broad-based across New Zealand
The key numbers...
- New commercial vehicle registrations retreated in August after a show of strength in July, with a 12%pa drop to 3,382 commercial registrations.
- New light commercials fell 12%pa, giving up July’s gains, with medium commercials holding up better with a 5.2%pa decline. Very heavy commercials slumped again, down 21%pa.
- Total road user charges purchased since April show medium commercials faring the worst, down 16%pa, followed by very heavy (down 12%pa) then lights (down 10%pa).
- Level 3 restrictions in Auckland saw commercial registrations in the Super City dive, but the restrictions also reverberated across the country, with large declines across the country including in Canterbury, Hawke’s Bay, Northland, and Taranaki.
Brand new light commercial sales
Monthly first-time registrations. Source: NZTA
...and our reaction
- Commercial vehicle registrations took a hit from a still-uncertain economic outlook compounded by an increase in Alert Levels across New Zealand in August.
- Light commercial registrations suffered as households and businesses cut back on investments after a surge post-lockdown. Businesses are still trying to limit their costs, with surveys pointing towards persistently low investment intentions.
- A plunge in spending in August, and fears softer spending will continue, has limited any resurgence in medium commercial registrations as freight movements for some goods categories remain softer, like for apparel and hospitality retailing.
- Very-heavy commercial registrations, although still down 18%pa over the last 12 months, aren’t showing significant changes in trend, with New Zealand’s strength in export activity helping to provide a foundation for registrations.
- Falling commercial registrations in Auckland are indicative of the Level 3 lockdown, but wider falls in registrations across New Zealand reiterate the general decline in economic activity across the country and shows the limits on activity at Level 2.
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