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Consumer spending slowed late last year amid an economic recession, with the value of December quarter seasonally adjusted retail sales posting the largest decline in nearly 12 years.
December quarter sales fell 1.1 per cent, the largest quarterly fall since March 1997, Statistics NZ said.
The largest fall in sales for the three months ended December 31 was an 8.2 per cent decline in automotive fuel retailing, and a 5.3 per cent fall in motor vehicle retailing.
Core sales, excluding vehicle-related sales, rose 0.6 per cent for the quarter, with the biggest increase a 1.3 per cent rise in supermarket and grocery store sales, Statistics NZ said.
The biggest decline was in department store sales, down 3.1 per cent.
The volume of seasonally adjusted total sales fell 0.6 per cent for the quarter, also led by vehicle fuel sales.
The trend in total quarterly retail sales volumes has fallen 4.2 per cent since September 2007, a record period of decline, Statistics NZ said.
For the month, seasonally adjusted retail sales fell 1 per cent, a slight improvement on the median forecast in a Reuters poll of economists of a 1.1 per cent decline.
The biggest fall was in automotive fuel retailing, down 8.4 per cent, while the biggest increase was in motor vehicle retailing, up 2.9 per cent.
Excluding vehicle-related industries, sales fell 0.6 per cent in December.
- NZPA
