Retail sales · New Zealand
New Zealand Retail Sales QoQ
The New Zealand Retail Sales QoQ measures the value or volume of goods sold by shops and online retailers in New Zealand.
- Importance
- High
- Released
- Quarterly
- Next release
- Currency
- NZD · New Zealand dollar
- Central bank
- The Reserve Bank of New Zealand
Latest figures
The latest release for Q2, published on 23 August 2026, came in at -0.5%, below the consensus of 0.1%, down from 1.0% the time before (revised).
A weaker figure than expected points to slowing activity: the New Zealand dollar tends to soften and markets price in lower rates.
Over the last 7 releases it ranged from -0.5% to 1.9%, averaging 0.8%.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 23 Aug 2026 | Q2 | -0.5% | 0.1% | 1.0% ® |
| 21 May 2026 | Q1 | 0.9% | 0.5% | 0.9% |
| 22 Feb 2026 | Q4 | 0.9% | 0.6% | 1.9% |
| 26 Nov 2025 | Q3 | 1.9% | 0.6% | 0.7% ® |
| 24 Aug 2025 | Q2 | 0.5% | 0.2% | 0.8% |
| 22 May 2025 | Q1 | 0.8% | 0.1% | 1% ® |
| 23 Feb 2025 | Q4 | 0.9% | 0.6% | 0% ® |
Why it matters
Retail sales are the most timely measure of household spending, the largest part of the economy. Strong sales support growth and the New Zealand dollar; weak sales raise recession worries. In the US the "control group" (without autos, petrol, building materials and food services) feeds directly into GDP.
How it is calculated
Stats NZ surveys retailers on their monthly sales; value figures include price changes, volume figures remove them. Seasonal adjustment removes holiday patterns.
Change (mom) = sales this month ÷ sales last month − 1What changes mean
- Compare value and volume: rising value with falling volume is inflation, not stronger demand.
- Ex-autos and ex-fuel versions remove the most volatile parts.
- Revisions to the previous month can change the picture.
Higher than expected: A stronger figure than expected points to a healthier economy: it usually supports the New Zealand dollar and local stocks, and can push bond yields up.
Lower than expected: A weaker figure than expected points to slowing activity: the New Zealand dollar tends to soften and markets price in lower rates.
A short history
The US Census Bureau has published monthly retail sales since the 1950s; most countries followed in the post-war decades.
New Zealand was the first country to adopt formal inflation targeting, in 1990.
Questions
What is the New Zealand Retail Sales QoQ?
The New Zealand Retail Sales QoQ measures the value or volume of goods sold by shops and online retailers in New Zealand.
What was the latest New Zealand Retail Sales QoQ?
-0.5% for Q2, published on 23 August 2026 (consensus 0.1%, previous 1.0%).
When is the next New Zealand Retail Sales QoQ?
On Sunday 22 November 2026 at 21:45 UTC.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.