Retail spending during Christmas in New Zealand continues to decline, reflecting the challenges households face in the current economic climate, according to Retail NZ chief executive Carolyn Young.
Data from payments company Worldline revealed that while Christmas Eve was the busiest shopping day of the year with 607,299 transactions recorded in one hour, it marked the lowest peak in six years. Spending was down 3 percent compared to last year, continuing a downward trend since 2019.
While some growth was observed in regional areas like Wairarapa and parts of South Canterbury, major cities such as Auckland and Wellington saw declines, dragged down by higher mortgage burdens, business closures, and redundancies.
Speaking to state media, Young highlighted shifts in spending patterns, with increased sales in fashion and sports equipment but declines in home decor and appliances.
Pre-Boxing Day sales and extended promotional periods from Black Friday onwards have further flattened the traditional spending peaks.
Image credit: Getty Images
Thank you Labour and our dearly beloved Jacinda.