The growing volume of purchases from the likes of Shein and Temu are hitting New Zealand’s import economy hard.
Stats New Zealand has revised the National Accounts, with imports down $2.5 billion in the June quarter.
The average value of parcels has dropped sharply, driven by fast fashion and cheap e-commerce.
Retail NZ CEO Carolyn Young told Mike Hosking a lot more people are looking to buy goods from overseas retailers as opposed to New Zealand.
She says they’re trying to encourage people to buy from local stores and businesses, as it’s important to try keep the money in our economy as opposed to shipping it off to China.
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The Mike Hosking Breakfast