Our recent Quarterly Economic Snapshot - March Quarter reveals that electronic card consumer spending in Manawatū grew by just 1.7% over the past year, lagging behind New Zealand's 2.8% increase.
We're seeing the ongoing impacts of reduced discretionary spending as a result of higher living costs across food, insurance, rates and home ownership. The latest year on year data shows:
Despite steady customer numbers, businesses are feeling the pinch, as highlighted:
"January 2024 was quieter compared to last year. Customers are opting for lower-value items, reflecting a shift in spending habits. Rising food costs and a minimum wage hike have impacted us, but by focusing on cost-effective measures and menu adjustments, we're adapting. Maintaining a motivated team is crucial for navigating these tough times."
Surviving a Downturn with Lauren Parsons
Feeling the pressure of the economic downturn in your business? You're not alone. We have the perfect opportunity for you to network, learn and develop some usable steps and ideas to help your business not only survive, but thrive.
Join us to gain insights and strategies to help you and your business amidst economic uncertainty.
Registrations close 17 July.
Lauren Parsons, NZ Keynote Speaker and Educator of the Year 2023/24, brings over 20 years of experience, helping leaders enhance wellbeing and performance. Don't miss this opportunity to learn from a renowned TEDx speaker and auther.
This event is brought to you by Feilding and District Promotion and is supported by CEDA.