Retail Radar report: First Quarter 2022
Retailer confidence slumps while inflationary pressures remain
The widespread emergence of Omicron in the community has seen many retailers miss quarterly targets, as dissatisfaction with the Government’s response to COVID-19 remains steady.
On average retailers expect prices to rise by more than seven per cent on average over the next three months.
The Retail NZ sales index recorded a slow start to 2022, the widespread emergence of Omicron in the community being a key factor. In total, spending was up four per cent for the quarter, compared to a decline of 17 per cent from the previous quarter. While sales are up on average, some stores are facing substantial declines. Additionally, costs are also increasing at a rapid rate, sometimes outstripping any gains in sales.
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Retail Radar: Retail NZ surveys retail business owners and tracks retailer sentiment over time, as well as key COVID-19 related trends. Retail Radar is your one stop shop for learning about business trends in the New Zealand retail market.
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Published by Retail NZ in April 2022.