Retail Radar report: Second Quarter 2023
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Trading challenges continue into the winter months
Many of the challenges that retailers have reported last quarter have continued into the winter months, with inflation, increasing wage costs and retail crime proving stubborn.
Inflation is affecting all areas of business while at the same time consumer spending is slowing with many shoppers having less in their pockets due to mortgage interest rates hikes, and ongoing increases in council rates and consumer goods.
The pessimistic outlook continues for the next three months, with more than half of retailers not expecting to meet targets again for in the third quarter.
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Retail Radar: Retail NZ surveys retail business owners and tracks retailer sentiment over time. Covering current sales data and future expectations of sales, inflation and key issues. 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 July 2023.
