Generate Investment Specialist Greg Smith was back on Newstalk ZB with Mike Hosking, looking at the growing divide in consumers. Estée Lauder surged after investors welcomed the collapse of its proposed merger with Puig, while Ralph Lauren showed affluent shoppers are still happily paying full price for premium fashion (and apparently Ralph Lauren chinos too!). That divide is showing up in NZ as well.
March retail spending was decent thanks to tourism and supermarkets, but households still look cautious beneath the surface, with weaker discretionary spending and shoppers trading down to cheaper brands. Meanwhile Oceania Healthcare rallied after record earnings and lower debt, although its large Auckland development pipeline is another reminder the higher-end property market remains sluggish.
Listen to the full interview below:
READ MORE