New Zealand retail sales soared in the first quarter of 2015, jumping 2.7% against expectations for an increase of 1.5%. The figure, the largest increase in the survey’s decade-long history, left the annual rate of change at 5.1%, above the median market forecast for a gain of 4.9%.
Core retail sales, that which excludes auto-related purchases, also increased, registering a record quarterly increase of 2.9%.
Here’s Statistics New Zealand’s Tehseen Islam on the result.
“For the first time in almost 10 years, every industry had a seasonally adjusted rise. Electrical and electronics stores had a really strong quarter. Our discussions with retailers suggest that there’s no one thing in particular behind this, but there may be a strengthening back-to-school effect. This seems to mean that spending on things like laptops and tablets is having an impact on overall spending at the start of the school year.”
And here’s just some of the highlights to come from the impressive retail report.
- Electrical and electronic goods retailing, up 8.9%.
- Fuel retailing, up 3.5%.
- Hardware, building and garden supplies, up 3.9%.