Consumers have been cutting back in New Zealand in the face of rapid and sustained interest rate hikes. The last two meetings of the Reserve Bank of New Zealand have been a bit of a relief with the Bank leaving the cash rate on hold.

Retail sales -1.0% q/q

  • expected -2.6%, prior -1.4%

for the y/y -3.5%

  • prior -4.1%

Retail sales ex-autos -1.8% q/q

  • expected -2.5%, prior -1.1%
New Zealand nz shop shopping 23 August 2023