"Manufacturers globally are reporting ongoing difficulties sourcing chips and other components. "Even so, we are still likely to see big differences across sectors, with the hospitality sector lagging other parts of the economy." "We expect that this trend will continue," he said. Weekly spending gauges for October indicated that spending appetites were starting to lift from their earlier lows. Looking across retail categories, there was some lift in spending on household durables, Westpac's Ranchhod noted.īut, spending in all categories (excluding groceries) remained around 25 per cent below pre-Delta levels, he said. "With the delta variant proving difficult to shake off in Auckland and starting to spread into nearby regions, the post lockdown rebound in retail activity is likely to be shallower than it would otherwise be." The large third quarter fall in card spending pointed to a sizeable dip for retail trade, and wider GDP for the quarter, Smith said. "However, there are also tentative signs that there may be less impetus in the consumption recovery from lockdown this time around."
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