New Zealand’s retailers not confident of long-term survival



New Zealand’s retailers not confident of long-term survival - Artificial Jewellery


A recent survey has revealed that most of New Zealand’s retailers are pessimistic about the future outlook of their business.

The latest Retail Radar survey from trade association Retail NZ covered the year’s opening quarter.

In a concerning outcome, 64 per cent of respondents stated they did not meet sales targets for January-March. Furthermore, 32 per cent are unsure whether they will survive the next 12 months.

Respondents do not expect their sales to improve immediately, with 55 per cent reporting they do not expect to meet their targets. CEO Carolyn Young said retailers are facing a range of issues.

“This is more pessimism than we saw in the equivalent period of 2023 when 28 per cent of businesses were not feeling confident of survival,” she said.

“The post-election optimism recorded in the Retail Radar survey at the end of 2023 has dissipated as retailers struggle with inflation and soaring costs. Skyrocketing insurance costs and a lack of consumer confidence are impacting heavily on profitability.”

Inflation was the biggest issue facing the industry, according to 62 per cent of retailers. Almost 60 per cent said their insurance costs have increased significantly in the past year.

There was also significant concern about insurance (55 per cent) and wage increases (52 per cent).

“Inflation is affecting all business costs, plus consumer spending is slowing with retailers reporting that customers are shopping less and buying less when they do shop,” Young added.

“As we enter the traditionally slower winter months, retailers will be tightening their belts in anticipation of slow sales and uncertainty. Retail NZ is hoping the upcoming Federal Budget will help restore confidence to the marketplace and provide a pathway out of recession.”

Business owners have also expressed concern about rising levels of crime targeting retailers.

More reading
Jewellery store raided by thieves twice in less than two weeks
Crime spree: Concerns raised about security for jewellery retailers
New Zealand: Retailers express optimism about the year ahead
Aussie retailers express concern about future prospects
New Zealand: Crime costing retailers billions each year
Retail nightmare: New Zealand jewellers under siege

 





Source link

Web Stories
Artificial Jewellery
Logo
Enable registration in settings - general
Compare items
  • Total (0)
Compare
0
Beautiful Wedding Rings Earring – A look into the finest Beautiful Collection of AD Pendants Have you bought a promise ring yet? There a necklace for everyone. AD – A Collection of Beautiful Earrings. American Diamond Earrings. A collection of Artificial Jewellery – Rings Necklaces and Sets – Artificial Jewellery Trending Anklets Design Trendy Earrings Collection for Women Online Latest Trending Nose Rings Designs American Diamond Finger Ring American Diamond Necklace Designer Jewellery Royal Jewelley Earrings Trending Combo Sets
Shopping cart