New Zealand's Retail Spending to Strengthen this Year, Westpac Says

MT Newswires Live01-22

New Zealand's retail spending is expected to strengthen over the coming months, as fixed-rate mortgages are expected to roll on to lower interest rates, boosting disposable income, according to a Thursday report by Westpac.

However, the gains are expected to be gradual in the near term, the report said.

Retail spending slipped 0.1% in December 2025, following a 1.2% increase in November 2025. Year on year, retail spending slid 0.5%, the report added.

Core retail spending, excluding fuel, fell 0.2% in December 2025 from a 1.1% rise in November 2025. Core retail spending fell 0.5% year on year.

The November 2025 rise was due to sales events like Black Friday and Singles Day, and the change in shopping habits is likely to be ongoing and will take time to be accounted for in seasonally adjusted estimates, Westpac said.

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