According to Kiwibank retail card spending annual growth in March quarter was up 41.8% - not much danger to worry about yet.
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Mary Jo in her blog did mention a grain of salt when discussing the numbers
Thanks alokdhir for posting anyway ..report was pretty meaningless
KB economist "there appears to be a limit to the number of pools we can fit in the backyard, or how many times we need to repaint the house."
Me and most my friends bought bulk paint and building materials just prior to lockdown. We had a few days warning before level 4 so we hit the shops before 27 march last year. The resene shop was packed and the queue was out the door. At mitre 10 I witnessed others loading up trailers etc with you name it. I am surprised the yoy drop is only 9 percent because the first 2 and half months of 2020 were already busy.
Edit: i might have confused which periods they are referring to. The report is ambiguous imo
Here it is on the Kiwibank website - very clearly shows the huge year on year increases still
https://inner.kiwi/commentary/snap-l...ending-streak/
Kiwibank transactional data - wonder how representative that is in the big picture anyway
I had a quick glance at that report. It is terribly written. It seems the March quarter is being compared to the December quarter, not that it says that. I would have thought such a drop was an annual event..? To then pour cold water on the annual growth of 41% because there has been a "structural shift away from cash" - does the author think EFTPOS cards were invented in the past 12 months? The report is absolute rubbish. The only thing to take with a grain of salt is the authors credibility.
Well they are SVR's bankers after all.
yep i would take the kiwibank report with a grain of salt. retail sales up 41% yoy is huge even if it falls a little its not going to fall 41% this year and you would expect a little pull back. margins retail stocks are making are unlikely to fall though thats probably more important.