Retail Sales Hot and Cold

New Zealand retail sales volumes grew 0.9% in Q1 2026, slightly above expectations, but per capita spending remains weak. Outlook for Q2 and beyond is cautious due to high fuel prices and cooling consumer confidence.

Key Takeaways

• 1.New Zealand Q1 2026 retail sales volumes rose 0.9%, exceeding the market consensus of 0.5%.
• 2.Retail sales recovery is context-dependent; on a per capita basis, volumes have only just returned to pre-Covid levels.
• 3.Future growth is expected to slow due to high fuel prices caused by the Middle East conflict, a soft labor market, and rising mortgage rates.

Table of Contents

• Real Retail Sales, seasonally adjusted
• Contact Details
• BNZ Research
• Main Offices

Document Preview

Page 1 of 3

Subscribe for full accessStart Free Trial