Retail Radar report: Second Quarter 2022
Inflationary pressures intensify
Prices continued to increase through the last quarter, with an average price increase of six per cent reported, with a similar outlook for the next quarter.
Rising operational costs, staff shortages, and a lack of foot traffic are having a significant impact on retailers.
The Retail NZ Sales Index has recorded a 16 per cent increase in average daily sales per site compared to the same quarter last year. This performance partly reflects the fact Auckland was recovering from lockdown in the second quarter of last year, and inflationary impacts. However, increased sales mask increased costs faced by many retailers over the past quarter.
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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 July 2022.