New Zealand Q2 retail sales (excluding inflation): +2.0% q/q (expected +0.7%)

The NZ Retail Trade Survey for the June 2017 quarter

Retail sales (excluding inflation), +2.0% q/q

  • expected +0.7% q/q, prior +1.6%, revised from +1.5%

           
NZD higher on a strong beat for this data, NZ data has generally been missing estimates but not this time. Generating a little pop for the currency.   

Updates:

Via Stats NZ on the data:

  • Hospitality sales were boosted with an influx of sports fans and competitors for two major events held in New Zealand, leading to a record increase for the food and beverage services industry in the June 2017 quarter
  • “With more than 28,000 people attending the World Masters Games in late April, and the surge of 23,000 visitors from the UK and Ireland, many arriving for the Lions rugby series starting in June, there was an expected lift for food and drink providers,” business indicators senior manager Daria Kwon said.
  • “Accommodation sales also showed the strongest increase in three years, up 6.1 percent, which was reflected by a 14 percent rise in international guest nights in the June Accommodation Survey.

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