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Sugar-rush retail spend coming to an end - KiwiBank
8 Apr, 2021 01:30 AM
3 minutes to read
Spending pause? Economists seeing pullback in post-lockdown splurge. Photo / Paul Taylor The post-lockdown sugar-rush has finally come to an end, says KiwiBank economist Mary Jo Vergara. The splurge in spending over the second half of last year lasted much longer than expected. But now we have seen a pullback.
Kiwibank s Household Spending Tracker report for the March 2021 quarter showed domestic spend declined 9 per cent in the March quarter, the first decline since the first lockdown ended. The buffer of household savings built up over the initial lockdown may be eroding, Vergara said.