Taranaki retail statistics for the week ending 24 May signal a strong burst of “Go Local” activity, as shoppers continue to make up for lost spending.

Retail spend within the region continues to track upwards since entering alert level 2, with the latest statistics showing an increase on spending relative to the same week this time last year, up 7.7%.
 
This figure is up on the previous week’s, where retail spending was down only 2.9% in comparison to the previous year.
 
“These statistics are extremely encouraging, and we hope to see this trend continue as we begin to ramp-up our economy and undertake planned activities to support and sustain these results,” says Venture Taranaki CE, Justine Gilliland.
 
“We’re well-positioned to recover quicker than the New Zealand average from the lockdown due to our strong food production sector, alongside large projects such as the hospital redevelopment.”
 
Clothing, footwear and department store spending has strengthened, up 35.5%; a compelling turnaround in contrast to the numbers shown at the beginning of alert level 4, that saw spending down 84.8% in this category.
 
Home and recreational retailing continues to track positively, with spending up 41.8% on this time last year, and transaction volume up 51.7%.
 
“It is positive for the region that consumers appear to be making up for lost time “says Anne Probert, Venture Taranaki General Manager, Regional Strategy and Sectors.
“Besides the increased spend on clothes, footwear, home and recreational goods and appliances, spend at local hairdressers and beauty salons is also likely to be having a positive impact, as people emerge from lock down needing primping and pruning.”
 
Spend across food, liquor and pharmacies also remains positive, up 18.5% from this time last year.
 
“Transactions in the food, liquor and pharmacies category are beginning to fall back in line with pre-COVID transaction levels, which could be reflective of purchasing patterns within this category gradually starting to normalise,” suggested Probert.
 
The average volume of transactions remains down, with overall spending up, signaling people are making higher value purchases.
 
“As to be expected, speed and ability to ramp-up and bounce back will vary across industry and sector due to alert level and border restrictions, along with changes in consumer behaviour,” explains Probert.
 
The positive spending is reflected across national figures too, with New Zealand spending up 2.4%.
 
“Taranaki continues to outperform the national average through conscious local spending,” explains Justine.
 
“These figures are a great early indication of the positive spirit of Taranaki. It is also important in providing an added layer of assurance for those looking to Taranaki as a potential investment opportunity, as we build internal, and external business confidence in the region.”
 
“Our ability to go local, and support our Taranaki enterprises and our region is really starting to show, and as a region, not only are we ‘getting back to normal’, we’re returning to better, and positioning ourselves in a place of strength for future investment and development. Time and time again, we prove our ability to adapt and thrive,” says Justine.

Read the full report here:
mvl_c19_weekly_taranaki_region_20200518.pdf