Inflation often lead to speculation by businesses and individuals because they expect better returns than inflation. Financial speculation is making the global food crisis worse.
Temu, which launched in New Zealand in March, is the global version of Pinduoduo, one of China’s biggest e-commerce sites. The Temu app is the most downloaded app in New Zealand, ahead of ChatGPT, WhatsApp, Google and TikTok, among others
i had a browse of site crazy cheap prices , guess this could have big ramifications for a lot of our retailers who wont be able to compete with these prices
here's the american version of temu another super cheap online site just launched nz
Stats NZ credit card spending out.
Apparel spending for the month of July 2023 of $312m down 4.3% from $326m in July 2022.
For those retailers operating with a July year end (& implicitly 2H end), the 3rd and 4th quarters couldn't look more different.
Seems like ages ago but easy to forget how hard February and March 2022 were for rag traders...the lockdowns had just ended and Omni was in full surge - people avoiding shopping, then getting sick and staying at home.
February and March 2023 apparel sales according to Stats NZ were up 23.2% over this period. From April to July sales have fallen 2% in 2023 over the same period last year, with that trend accelerating in July.
That 2 month bump in February and March 2023 as they cycled over the omni impacted PCP helps provide for 5% overall growth for the 6 month period ended 30 July, though the underlying trend is much weaker than that.
I'd imagine trusty old Hallenstein Bros and Glassons NZ outperform that 2H 2023 vs 2H 2022 as their 2H FY22 NZ sales seemed disproportionately impacted.
Retailers pin hopes on holiday period in the face of sluggish consumer demand
The Retail NZ Sales Index indicates sales rose 0.5 percent in the third quarter ended September, over the year earlier, while cost inflation rose 5.6 percent
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Originally Posted by bull....
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