Retail sales rise 0.7 pc in August

By NZPA

Tuesday 8th October 2002

New Zealand's retail boom shows no sign of abating, with August's seasonally adjusted figures increasing 0.7 percent, Statistics New Zealand figures showed today.

The rise was greater than market expectations of 0.4 percent, and outmatched previous increases of 0.6 percent in July and 0.5 percent in June.

The trend continued a pattern of growth seen since May 1998, Statistics New Zealand said.

Excluding motor vehicle trade and services, core retail sales was also in positive territory, increasing 1.3 percent, following a 1.1 percent rise in July.

The biggest money spinner was appliances, sales which soared a seasonally adjusted 8 percent in August. It was followed by furniture and floor coverings (4.7 percent) and recreational goods (4.1 percent). Motor vehicle services recorded the largest decrease in sales of 1.3 percent.

Eleven out of 15 retail categories recorded increased sales in August, sending the amount Kiwis actually spent at the tills to $4.097 billion.

Regionally, sales were much higher in the North Island than the South -- an increase of 0.7 percent compared to a decrease of 0.1 percent.

Sales were highest in Auckland (up 1.5 percent) and Wellington (up 1.7 percent), while Canterbury experienced a 0.2 percent drop and the remainder of the south recorded no sales growth at all -- for the first time since July last year.

Actual retail sales for the year to August were up 7.3 percent on the same time last year. That was lower than analysts' forecasts of a median rise of 8 percent.

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