New Zealand retail sales spike 28.0% in the third quarter

RTTNews reports that Statistics New Zealand said that retail sales volume in New Zealand soared a record 28.0 percent on quarter in the third quarter of 2020, recovering from the 14.6 percent drop in the Covid-19 ravaged second quarter.

On a yearly basis, retail sales volume advanced 8.3 percent after sinking 14.2 percent in the three months prior.

By industry, the main movements were: electrical and electronic goods retailing, up 28 percent; motor vehicle and parts retailing, up 14 percent; hardware, building, and garden supplies, up 14 percent; supermarket and grocery stores, up 4.7 percent; department stores, up 12 percent; and recreational goods retailing, up 17 percent.

Food and beverage services had the largest fall, down 6.2 percent, followed by accommodation, down 8.1 percent.

The value of retail sales was up 7.4 percent on year in Q3, with 14 of the 16 regions showing higher sales values.

The total value of stock held was NZ$8.0 billion, down 4.7 percent (NZ$394 million), compared with a year earlier. Ten of the 15 retail industries recorded falls in stock in September 2020 compared with September 2019.