Brad Olsen: Infometrics Principal Economist on the 2% decrease in spending in December of 2023

A challenging time may be coming for retailers.  Data released by Stats NZ has revealed a 2% fall in December’s spending compared to the month prior.   Spending on consumables such as groceries experienced the smallest fall at 0.1%, while things such as furniture and clothing are down by 2% and 2.9% respectively.  Infometrics Principal Economist, Brad Olsen, told Tim Dower that the data reflects that households are being more cautious with their spending.  He said the 1.6% increase in November was likely caused by early Christmas shopping.  LISTEN ABOVE See omnystudio.com/listener for privacy information.