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Recently obtained data from Marketview and Worldline, indicates that increased inflation retail spending within the region is not enough to keep up with inflation rates.

For the period ending December 2023, annual electronic card retail spending in the region was up 2.9%. The growth was supported mainly by spending in three categories: accommodation (14%); cafes, restaurants, bars and takeaways (11%), and groceries and liquor (8%).

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

Read the latest quarterly retail report here >>

This was published in the 60 seconds with newsletter on the 4/03/24

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