Electronic card spending data recorded the first significant drop since mid-2022 this October.

Spending in retail industries fell 0.7 per cent compared to September, down by $44 million, Stats NZ said in a press release.

Demand for larger items has declined by 7.8 percent, and spending on apparel has fallen 8 percent.

Infometrics principal economist Brad Olsen says retailers are staring down the barrel of a difficult period, as spending is projected to decline for Black Friday and Cyber Monday.

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