New Zealand’s latest Federal Budget was delivered on 28 May. Retail NZ CEO Carolyn Young said that retailers are under heightened pressure due to escalating costs and declining consumer confidence. She encouraged the Government to introduce policies that would stimulate consumer spending.
"We know the rising cost of fuel is squeezing already tight margins for the retail sector, and the cost of essentials is continuing to go up for households," she said.
"The growing pressure on consumers' wallets and declining confidence has been hitting retail hard, and we are hearing growing calls from our members for the Government to take measures to stimulate the economy and encourage people back to spending in their local communities and high streets."
Retail NZ referenced the latest Ipsos Issues Monitor, which identified inflation, cost of living, and the economy as the primary concerns for New Zealanders, followed by fuel prices and unemployment.
"It is clear the general public holds similar views to the retail sector as to what are the biggest priority areas for the country right now," Young said.
"Additionally, we know there is a large proportion of young people who aren’t in education, employment or training. If the Government was to take measures to stimulate the economy, there would be greater opportunity to get these young people into work and become more active participants of the economy as well."
The retail sector employs nine per cent of New Zealand's workforce across almost 30,000 businesses, making it a significant contributor to the national economy.
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