Retail sales figures not as rosy as they seem
The latest retail sales figures released today by Statistics New Zealand are not as rosy as they appear at first glance.
The value of seasonally adjusted total retail sales rose 1.5% ($82 million) in November, reversing a 2.4% ($133 million) decrease in October following the GST hike.
But this increase was due to an 11.8% ($69 million) increase in motor vehicles and parts retailing sales, which had been hit hard by the post-GST slump in activity with a 14.3% ($97 million) drop in October.
Core retail sales, which exclude the motor vehicle-related industries, actually dropped slightly in November, down 0.2% ($7 million).
Supermarket and grocery store sales dropped 2.8% ($40 million), following an increase of 4.4% ($61 million) in October.
All other food and drink-related industries recorded decreases during November.
In actual terms total retail sales rose 2.5% ($136 million) in November 2010 compared with November 2009, while core retail sales rose by 0.6% ($28 million) over the same period.