this post was submitted on 07 Jul 2023
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Prices set to rise as retailers battle high costs and fear of closure (www.stuff.co.nz)
submitted 1 year ago by Taubin@lemmy.nz to c/newzealand@lemmy.nz
14 comments fedilink hide all child comments
 

Prices will continue to rise in the next three months as almost 60% of retailers fail to meet sales targets and others fear closure within the year.

Surely raising prices will help them sell more!

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[–] murl@lemmy.nz 11 points 1 year ago* (last edited 1 year ago) (1 children)

You are 100% correct. The actual market response in this case is "prices set to FALL in respose to retail slump".

Our media is economically illiterate (or paid to print this crap).

[–] Taubin@lemmy.nz 6 points 1 year ago (1 children)

Pretty sure it's the latter

[–] kurikai@lemmy.world 3 points 1 year ago

I agree

[–] Munkisquisher@lemmy.nz 7 points 1 year ago (1 children)

Let alone the bullshit credit card charges everyone is charging these days. Especially as The Retail Payment System Act 2022 is now in force capping the price retailers pay to 0.8%

[–] Taubin@lemmy.nz 7 points 1 year ago (3 children)

If it's capped, how do places like PBTech get away with charging 1-3%? Genuinely curious.

[–] Dave@lemmy.nz 6 points 1 year ago (1 children)

As I understand it, the fee is a cap on how much the payment processer can charge the bank. The amount the bank charges the retailer and the amount the retailer charges the customer are not capped.

This is based on this page: https://comcom.govt.nz/regulated-industries/retail-payment-system

[–] Taubin@lemmy.nz 4 points 1 year ago

Thank you that makes more sense. Even if it is asinine.

[–] eagleeyedtiger@lemmy.nz 4 points 1 year ago

At least they offer online eftpos now. So much better than using poli or bank transfer.

[–] Munkisquisher@lemmy.nz 4 points 1 year ago

As long as they don't claim it's to cover the costs from credit cards (in that case they can only charge the actual costs) they can add whatever surcharge they want

[–] IntDimensionalTravel@lemmy.world 6 points 1 year ago

What the fuck is going on here? It’s almost impossible to have a budget when doing groceries anymore.

[–] HappycamperNZ@lemmy.world -4 points 1 year ago (2 children)

Yay for wage price spiral

[–] kurikai@lemmy.world 8 points 1 year ago

Not because of wage price rises. Its more because investors want to be paid more. The constant "businesses must make more profit year over year"

[–] Viper_NZ@lemmy.nz 5 points 1 year ago

There are plenty of people out there getting rises far below inflation.

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