New Zealanders appear to have listened to the call from the Reserve Bank and cut down on our spending, at least according to new figures out today.
Retail card spending fell $166 million – or 2.5% – in December 2022 compared with November 2022, when adjusted for seasonal effects. It followed Reserve Bank governor Adrian Orr’s call for New Zealanders to “cool the jets” ahead of forecast tough economic times.
Stats NZ’s business performance manager Ricky Ho said the fall in spending was large for a December – and represented the first drop in nine months.
Spending fell across five of the six retail industries, with the largest fall being from sales of durables – like furniture and hardware – down $95 million.