Record surge in retail sales on back of RWC Finals
Core retail sales in the December quarter showed the largest rise since 1995.
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Core retail sales in the December quarter showed the largest rise since 1995, Statistics NZ said this morning.
Figures released today from Statistics New Zealand show a 2.9% rise in core sale volumes in the last three months of 2011, and also a 2.3% rise in the value of those sales.
The rise in sale volumes was double the consensus market forecast of a 1.1% rise and is also the largest increase since Statistics New Zealand began this particular data series, in 1995.
Core retail sales exclude the always-volatile vehicle related data and are a key indicator of domestic economic growth.
If the vehicle and fuel related categories are included, the rise was 2.2% in sale volumes and 2.0% in the value of those sales.
In the North Island, retail sales rose by a record 3.0%, reflecting the fact that the Rugby World Cup quarters, semis and finals were all held in North Island cities during October.
The improving trend though pre-dates the Rugby World Cup. The trend for sale volumes is up 11% since the turning point in March 2009, with a strengthining upturn over the last two quarters of last year.
Sale values have shown similar rises, up 15% since march 2009. By sector, the biggest increases were in supermarket and grocery sales, up 1.8% volume of sales and up 1.3% ( $538 million) in the value of sales. Fuel retail saw a 4.8% rise in volume of sales and a 6.4% ($116 million) rise in the value of sales.
Rob Hosking
Wed, 15 Feb 2012
Wed, 15 Feb 2012
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Record surge in retail sales on back of RWC Finals
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