However, despite this increase, the spending growth is less than the annual inflation rate of 4.7% for the same period, indicating a real decline in the value of retail spending. Manawatū also falls short of the national growth rate of 4.3%. As this is still below inflation, we can see overall decline in the value of retail spending across New Zealand.
On a positive note, we are seeing continued loyalty when it comes to retail spending, with Manawatū residents choosing to shop local. The percentage of the region's resident spending in Manawatū retailers is stable at 83%, slightly higher than the five-year annual average of 82.7%
Overall, for the year ending December 2023, 76% of all retail spending in Manawatū region was from locals, totalling $13,359 million - an increase of 2% compared to the previous year.
To view the full quarterly electronic card retail spending report for the period ending December 2023 click here
