Small Business Trade Starting to Bounce Back

According to the latest small business insights report from Xero, the hospitality industry is bouncing back and had its strongest month since the start of the pandemic in May.

With data from May 2020 significantly impacted by COVID-19, comparisons were made using annualised two-year growth.

Small business sales across the country in May grew an adjusted 6.2 percent year-on-year with sales in retail, construction, and hospitality the strongest. Sales in hospitality grew an adjusted 7.5 percent in May 2021 while retail grew most at 8.8 percent.

“After months of negative results, the hospitality industry has started to see an upswing,” noted Xero managing director for New Zealand & Pacific Islands, Craig Hudson.

The pressure for hospitality businesses to find works has not eased, however, despite the Government’s announcement of the extension for six months of around 10,000 working holiday visas.