Shoppers still keen to spend on homes
Shoppers are continuing to spend on their homes in March Stats NZ figures show.
Seasonally adjusted electronic card spending rose in four of the six retail industries in March compared with February, with higher sales of long-lasting goods such as furniture, hardware, and appliances (durables), up $29 million or, 1.8 per cent.
Stats NZ Retail Statistics manager Kathy Hicks said despite spending constraints caused by Auckland’s return to alert level 3, card sales had rebounded from a ‘‘lacklustre’’ February.
Spending on the grocery and liquor industry had the largest fall during March, down $74m or 3.3 per cent from the previous month.
‘‘Recent monthly falls in the consumables sector reflect the softer growth in this industry following the much higher spending levels seen since the Covid-19 outbreak in March 2020,’’ Hicks said.
Spending in the non-retail industries such as travel agencies, health and pharmaceuticals, wholesaling had the largest rise, up $86m 5.7 per cent in March.
Year-on-year, retail card spending was $17 billion in the March quarter, increasing $100m (0.6 per cent) from the March quarter last year.
‘‘With New Zealand moving up Covid-19 alert levels several times over the quarter, card spending was inevitably affected with all but the long-lasting durables industry sales falling from the December quarter,’’ Hicks said.
The hospitality industry fared better in March, compared with March last year. The hospitality industry rose $215m or 26 per cent, from March last year, despite the lack of tourists.
The rise was driven by an increase in the food and beverage sub-industry, up $223m, or 34 per cent, while the accommodation sub-industry fell $7m, or 4.6 per cent, over the same period.
ASB senior economist Mark Smith said the monthly numbers reflected volatility in spending.