25 Nov 2013

Online sales beat shopping in stores

12:08 pm on 25 November 2013

Growth in online retail sales slowed in October but they are still growing roughly three times faster than sales in bricks-and-mortar stores.

A survey compiled by Marketview for the Bank of New Zealand, based on electronic card transactions, found online retail sales were up 10% on October last year.

International online purchases grew 15% in October, more than twice the 7% growth in domestic online purchases.

BNZ institutional research director Gary Baker said reasons for international sales growing faster include the high New Zealand dollar reducing the cost of overseas purchases and the fact most overseas purchases don't incur GST.