For the year ending March 2024, the region's annual electronic card retail spending totalled $1,791 million, a 1.7% increase compared to the previous year. This was below the 4% inflation rate, indicating negative real growth in retail spending across the New Zealand economy over the year.
Local spending comprised of 75% of the total, amounting to $1,363 million, which is 2% higher than the previous year. Supporting local businesses and purchasing local 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 March 2024 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 4.5% while in the Manawatū district, areas outside of 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%. The trend indicates a shift in consumer behavior towards essential spending amidst economic pressures.
To view the full quarterly electronic card retail spending report for the period ending March 2024, click here.
