Greg Smith

Wealthy shoppers, they are continuing to pay full price.

They don't need discounts to lure them in, it seems.

Handbags, outerwear, women's apparel all going really, really strong.

And this is this quiet luxury trend that's remained surprisingly durable.

And the interesting one here, Mike, was China.

Absolutely on fire.

Asia was up 31% in terms of sales.

So aspirational consumers there.

are still spending despite economic concerns more broadly.

Europe, that was up 18%.

North America was up 8% as well.

So, yeah, roughly, they say core consumers are pretty resilient.

So it speaks to the growing divide in retail.

Affluent consumers are still spending, not so much low-income households.

Yeah, that's right.

So we finally got a decent quarter for Kiwi Retailers, but, yes, it calmed before the storm.

But we'll look at March quarter retail sales.

They were $232 million higher, up 0.9%.

Tourism, housing-related spending, supermarkets.

Dollar terms, it was up 2.2% from December quarter to March quarter, up 6.1% from a year ago.