New Zealand retail sales delivered a strong upside surprise in Q3, rising 1.9% qoq versus expectations of 0.6%. Ex-auto sales also beat forecasts, up 1.2% qoq compared with 0.8% consensus.
Statistics New Zealand said this was the largest quarterly increase in retail activity since late 2021, with broad-based gains across the sector. Most industries recorded growth during the September.
The details showed particularly strong demand in motor vehicles and electrical and electronic goods retailing, which posted the biggest increases. Eight of the 15 retail industries reported higher volumes compared with Q2.
