Spending across New Zealand’s fashion industry fell by $13 million in December 2024 compared to December 2023.
This is according to new data from Stats NZ, based on electronic card transactions across the country.
The plunge in yearly fashion spending added to a $6 million drop in core retail industries, excluding fuel and vehicles.
The fall came despite the number of transactions across core retail lifting by 6.8 per cent year-on-year.
Today’s figures also show that sales for all of 2024 were down 2.2 per cent compared to 2023. In the fashion sector, actual sales for 2024 were down 4.5 per cent, or by $185 million, compared to 2023.
In seasonally adjusted terms, fashion sales lifted by $1 million in the same yearly time frame, with core retail up $104 million.
Peak body Retail NZ reported that the government’s new economic growth agenda can’t come soon enough for the beleaguered retail sector.
“While retailers saw some benefit from the customary Christmas rush and the Boxing Day sales, consumers were being careful with their spending,” Retail NZ Ceo Carolyn Young said. “There was a small increase in sales of consumables but durables and apparel both fell, compared to the same time in 2023.
“Profitability will continue to be a major challenge for retailers as we head into the new year. We are looking forward to seeing the benefits of the Government’s new focus on economic growth, to put more money in customers’ wallets.”