Black Friday: New Zealanders’ retail spending down on last year
Historically the biggest shopping day of the year, followed by Boxing Day, Black Friday figures from payment network Worldline New Zealand show a drop in spending compared to 2021.
Kiwis spent $67 million on the day and $350 million in the seven days prior to 26 November, signalling a cautionary note for retailers ahead of the Christmas shopping period.
Spending was down 6.9 percent compared to last year, and 9.5 percent last week in the lead-up to Friday. However, spending was up 1.5 per cent on Black Friday in 2019 before the Covid pandemic hit.
Auckland and Northland had the biggest fall, down 12 per cent to $145.1 million compared to last year and down 3 per cent on 2019.
In contrast, spending in Southland was up 6 percent to $7.4 million compared to last year and up 5 per cent on 2019. Southland was the only region to see a rise in spending.
Spending in Canterbury was down 9 percent to $46.8 million and Wellington was down 10 per cent to $37.4 million.
While Worldline said it was not clear what the fall in spending would mean for the Christmas spending season, they predict given rising consumer prices, falling house prices, rising interest rates and generally low consumer confidence, that fewer merchants will be setting Christmas spending records this year.
In previous years, the pattern of spending through Worldline’s payments network typically shows a few very busy days immediately preceding Christmas Day and another, lesser surge on Boxing Day.
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