Retail Radar report: Third Quarter 2022
Minor improvements in retail outlook but inflationary pressures remain
While retail sector performance has not been strong through winter, we have recorded minor improvements in the proportion of businesses hitting their sales targets, and a minor improvement in confidence levels.
However, significant cost pressures remain and we are forecasting an average price rise of five per cent in the next quarter, on top of six per cent in the period ended 30 September.
30 per cent of retailers are not sure, or not confident if their business will survive the next 12 months. While this is a slight improvement on the previous quarter, a blanket of economic uncertainty remains.
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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 October 2022.