Could be time to grab a bargain. With properties hitting a slump as well, it sounds like a great time for new immigrants to get themselves set up with a house and car.
Car sales hit brakes as dollar flows to groceries
5:00AM Tuesday April 15, 2008
By Brian Fallow
Retail sales were weak in February as the consumer dollar flowed to necessities like food and away from big ticket items like cars.
Total retail sales fell 0.7 per cent from January levels when adjusted for seasonal and leap year effects, Statistics New Zealand said.
The fall was largely due to a decline of $41 million or 5.8 per cent in vehicle sales.
Core retail sales, which exclude the automotive sector, rose 0.2 per cent but only because of a 1.6 per cent rise in supermarket and grocery sales. Excluding that, core retail sales were flat.
Much of the increase in supermarket and grocery store sales would have reflected higher prices; food prices rose 0.8 per cent in February.
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