Retail spending -2.3% m/m and a huge miss

  • expected -0.4% m/m, prior revised to -0.5% from -0.4%

total spending -1.9% m/m

  • prior revised to -0.3% from -0.2%

Electronic card spending accounts for just under 70% of core retail sales in NZ. Its the main indicator used for retail sales.

Not a great result at all. A negative input for the NZD.