Retail sales fall as war-driven fuel prices hit consumer spending
New Zealand retail sales volumes dropped 0.5% in the June quarter amid surging fuel costs linked to the US-Iran conflict.
Retail sales volumes fell 0.5% in the June quarter as New Zealand consumers cut spending in response to rising fuel prices. The surge in petrol costs, triggered by the US-Iran war, has prompted households to stay home and save money rather than shop. The retail sector has been under sustained pressure since the conflict began.
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What outlets are saying
NZ Herald
US-Iran war wounds NZ consumer spending
Retail sales volumes fell 0.5% in the June quarter as fuel purchases slumped.
Newstalk ZB
Jane Turner: ASB Senior Economist on retail spending contracting in Q2 as petrol prices surged
Retail's been taking a hit since the Iran war began, with people staying home to save money and fuel.