New Zealand Q4 Retail Sales Growth Beats Estimates

Retail sales in New Zealand unexpectedly dropped 0.5% quarter-on-quarter in Q2 2026, reversing an upwardly revised 1.0% growth in the previous quarter and defying market expectations of a 0.1% rise. It was the first quarterly decline in retail sales since Q3 2024, with the figures adjusted for inflation and seasonal effects. The decline was broad-based, with eight of the 15 retail industries recording lower sales volumes, with notable declines in fuel (-13%), motor vehicles and parts (-2.3%), accommodation (-8.0%), and food and beverage services (-2.8%). By contrast, electrical and electronic goods sales rose 9.2%. On an annual basis, retail turnover increased by 3.3%, easing from a 4.5% gain in Q1 and marking the weakest quarterly growth in a year.

Retail sales in New Zealand rose 0.9% quarter-on-quarter in Q1 2026, matching the pace recorded in the previous quarter and surpassing market expectations of 0.5%. The latest result marked the sixth consecutive quarterly increase, with figures adjusted for inflation and seasonal effects. Growth was broad-based, with 10 of the 15 retail industries recording higher sales volumes, notably accommodation (6.1%), pharmaceutical and other store-based retailing (2.8%), hardware, building, and garden supplies (2.7%), and supermarket and grocery stores (1.7%). By contrast, clothing, footwear, and personal accessories sales fell 4.8%.On an annual basis, retail turnover increased 4.5%, following a 4.4% rise in Q4, marking the sixth straight quarter of growth.

Retail sales in New Zealand rose 0.9% qoq in Q4 2025, slowing from 1.9% in the previous quarter but surpassing market expectations of 0.6%. The latest result marked the fifth consecutive quarter, with figures adjusted for inflation and seasonal effects. Growth was broad-based, with 12 of the 15 retail industries logging higher sales volumes, notably pharmaceutical and other store-based retailing (5.2%), electrical and electronic goods (2.2%), and hardware, building, and garden supplies (2.2%). Regionally, sales grew in both the South Island (2.3%) and the North Island (1.5%). On an annual basis, retail turnover increased 4.4%, after a 4.5% growth in Q3, pointing to the fifth straight quarter of gain.