Brad Olsen: Infometrics principal economist on electronic card spending declining significantly in October

Electronic card spending data recorded the first significant drop since mid-2022 this October. Spending in retail industries fell 0.7 per cent compared to September, down by $44 million, Stats NZ said in a press release. Demand for larger items has declined by 7.8 percent, and spending on apparel has fallen 8 percent. Infometrics principal economist Brad Olsen says retailers are staring down the barrel of a difficult period, as spending is projected to decline for Black Friday and Cyber Monday. LISTEN ABOVESee omnystudio.com/listener for privacy information.