NZ: Spending growth has taken a stepdown – Westpac

Satish Ranchhod, senior economist at Westpac, notes that New Zealand’s retail volumes rose by 0.2% in the June quarter.

Key Quotes

“The pace of spending has taken a step down over the past year as the housing market and population growth have cooled.”

“Spending growth is expected to remain moderate over the remainder of 2019, before picking up over 2020.”

“Retail price growth remains muted due to competitive pressures.”