Statistics New Zealand released retail sales data on late Thursday evening. Retail sales in New Zealand climbed 0.8% in the first quarter, missing expectations for a 1.0% rise, after a 1.1% gain in the fourth quarter. The fourth quarter's figure was revised down from a 1.2% increase.

The increase was mainly driven by a rise in electrical and electronic goods sales, which jumped 3.8% in the first quarter.

"Consumers continued to spend-up on electrical and electronic goods this quarter. There has been sustained growth in this industry for some time, with the trend rising over the past eight years," business indicators senior manager Neil Kelly said

On a yearly basis, retail sales rose 4.8% in the first quarter, after a 5.3% increase in the fourth quarter.