22nd November 2021 BNZ / Spending
Auckland retail spending has rebounded to top pre-Delta levels after Covid restrictions eased across the region, according to Bank of New Zealand.
Nationwide average retail spending was down by at least 15% in August and down by 16% in September, according to Retail New Zealand’s latest Retail Radar report.
Card spending across the country rebounded to just 5% below pre-lockdown levels in the week to Tuesday 28 September – the first full week of Covid-19 alert level 3.
Core retail spend has been consistently above 2019 and 2020 in recent months coming in at $10.9bn in the June quarter, according to Paymark.
The Government is set to introduce new legislation to restrict merchant fees, in a move which could save businesses up to $74m each year.
Spending on grocery and liquor in March was down 3.3%, or $74m, from February 2021 levels, according to Stats NZ.
Spending on food fell in February 2021 due to Covid-19 restrictions, says Stats NZ.
Supermarket and grocery store spending in October 2020 increased by $137m, or 7.8%, compared to the same month last year.
Economic activity across Auckland and the country has bounced back to levels experienced under Covid-19 alert level 1, says finance minister Grant Robertson.