The latest retail report for the June 2024 quarter shows that retail card spending in the region decreased by 0.3, compared to the same quarter in 2023.

This growth is marginally lower than the national average growth rate of 0.3%. Annually, electronic card retail spending in the region grew by 0.7% over the year ending June 2024, below the national growth rate of 2%. This compares with an annual inflation rate of 3.3% over the same period, indicating a real decline in the value of retail spending over the year.

For the year ending June 2024, the region's annual electronic card retail spending totalled $436 million, a 03% decrease compared to the previous year. This was below the 3.3% inflation rate, indicating negative real growth in retail spending across the New Zealand economy over the year.

Local spending accounted for 77% of total spend, amounting to $1,370 million, which is 1.2% higher than the previous year. Supporting local businesses and purchasing locally where possible are crucial in supporting our region, as the economy continues to cool and inflationary pressures continue to put pressure on households.

The top five spenders into our region, accounting for 15% of total annual spending combined for the year ending June 2024 year were:

>> Horowhenua district
>> Tararua district
>> Wellington region
>> Rangitīkei district
>> Auckland region

The detailed analysis of spending patterns revealed that Palmerston North city's Terrace End precinct experienced the highest annual growth rates of 3.4%, while in the Manawatū district, areas outside Feilding saw a 4.8% increase.

Spending on groceries and liquor, cafes and restaurants, and accommodation supported the region's growth, while home and recreational retail saw a decline of 8.6%. The trend indicates a shift in consumer behaviour towards essential spending amidst economic pressures.

Click here to view the full quarterly electronic card retail spending report for the period ending June 2024.