NZ Online Retail Data - Highlights 2022
A return to a sense of normalcy post-COVID emerged during the second quarter of 2022. It was anticipated that the hyper-growth of online retail would naturally taper off after the COVID restrictions were lifted. However, what caught everyone off guard was the unexpected onset of an "inflation pandemic," marked by elevated prices, escalating interest rates, a dwindling housing market, and a decrease in real wages.
In response to these economic challenges, Kiwis scaled back their online expenditures throughout the remainder of 2022. Consequently, total online spending for the year amounted to $6.07 billion, representing a 4% decrease from the peak levels seen in 2021. Online purchases made up 11% of overall retail expenditure, with 73% of those transactions originating from New Zealand-based online businesses.
