End-of-year shopping is ramping up. Stats NZ’s latest Electronic Card Transactions shows total actual retail card spending in October increased by 0.8% year on year, while the seasonally adjusted numbers increased by 0.2%.
“As we head into the important Black Friday, Christmas and Boxing Day sales period, it’s going to be important to see continued improvements across the whole sector,” Retail NZ Chief Executive Carolyn Young says.
She says it’s almost a relief to see positive news for the retail sector. “We know businesses have been hanging in there, waiting to see an improvement in the economy.”
Carolyn Young says that the retail sector remains under strain, with businesses working harder than ever as margins are squeezed. With inflation currently at 3.0%, the actual card spend in October is below the current rate of inflation.
“We are still seeing liquidations and closures across the sector, although some regional areas are showing signs of improved trading on the back of strong dairy prices.
“We remain hopeful that the Reserve Bank’s recent OCR cut to 2.5% signals potential relief ahead. However, retailers are not noticing any immediate change in consumer spending.”
By Kiwis, for Kiwis
Buy New Zealand Made is encouraging Kiwis to support local this Black Friday.
“Buying New Zealand-made means you get local service, trusted quality, and the satisfaction of knowing your purchase directly supports other Kiwis,” Buy NZ Made Executive Director Dane Ambler says.
He says that Black Friday is often about flash sales and offshore profits. New Zealand Made Week, from November 17th to 23rd, is about something much more meaningful, Dane says: keeping money in local communities, supporting skilled jobs, and strengthening the backbone of our economy.
“NZ Made Week reminds us that there’s pride in what we make here. When we back local, we back resilience, innovation, and the future of Aotearoa’s economy.”
Every dollar spent on New Zealand-made products recirculates through the economy, supporting small businesses and regional supply chains while promoting ethical sourcing and lower emissions.
To celebrate this impact, Buy NZ Made is running more than 50 giveaways across Facebook and Instagram, encouraging Kiwis to look for the Kiwi logo and share their favourite local brands using #NZMadeWeek.
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