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Financial News: New Zealand Retail Sales Tumble 8.1% On Quarter

New Zealand Retail Sales Tumble 8.1% On Quarter In Q3

11/22/2021 - 17:45:00 (RTTNews)

(RTTNews) - The total volume of retail sales in New Zealand was down a seasonally adjusted 8.1 percent on quarter in the third quarter of 2021, Statistics New Zealand said on Tuesday - following the 3.3 percent increase in the second quarter.

By industry, the largest movements were: food and beverage services - down 19 percent; motor vehicle and parts retailing - down 12 percent; department stores - down 24 percent; and hardware, building, and garden supplies - down 15 percent.

The total value of retail sales fell 7.0 percent on quarter.

the main movements by industry were: food and beverage services - down 19 percent (NZ$626 million); motor vehicle and parts retailing - down 12 percent (NZ$490 million); hardware, building, and garden supplies - down 14 percent (NZ$389 million); and department stores - down 23 percent (NZ$363 million).

On a yearly basis, retail sales volume sank 5.2 percent after skyrocketing 33.3 percent in the three months prior.

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