Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Kiwis lift spending in Christmas run-up, though pace slows

Kiwis lift spending in run-up to Christmas, though pace slows

Dec. 22 (BusinessDesk) - New Zealanders spent more in the first 21 days of December than they did last year though the pace of growth has slowed in the past three months, according to Paymark.

Kiwis spent about $3 billion at retailers so far this month, up 3.8% from a year earlier, said Paymark, which processes more than 75% of the nation’s electronic transactions. Growth in spending slowed from a 4.6% pace in October and November.

The volume of transactions increased 3.4% to 57,723,941 from a year ago. Paymark said wet weather last weekend may have sapped enthusiasm for spending, which was down 0.8% over Friday, Dec. 17, to Sunday, Dec. 19, from the same period of 2009.

“Retailers are still having a tough time of it and while we have seen an increase in sales over the last few months, it’s important to note that the increases have been very mixed across sectors,” said Paymark chief executive
Simon Tong.

In the first 21 days of the month, spending on Eftpos cards rose 5.3% while credit card transactions gained 2%.

Sales at small toy shops climbed 12% while sales at large general retailers gained 3.5%. Sales of books are up 5% from a year ago and specialty food items flew off the shelves with growth of 18%.

Sales at music shops fell 20.1%, garden centres were down 5.1% and camera/photography shops fell 4.8%.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Taxing Multinationals: Next Step To Improve System

New legislation to improve the fairness of the tax system and prevent large multinationals from exploiting rules in order to shift their profits offshore has passed another step closer to becoming law. More>>

A Fuel And His Money: Petrol Prices Hit Records

The cost of 91 octane in Wellington and the South Island hit $2.30 a litre last week, beating the previous high set in 2013. Crude oil prices have been rising globally while the New Zealand dollar has fallen, making the cost of fuel more expensive. More>>

ALSO:

NZentry: EU And NZ To Start Free Trade Talks

A free trade deal between New Zealand and the European Union (EU) has taken a major step forward with the announcement overnight that the EU’s Foreign Affairs Council has approved its negotiating mandate. More>>

ALSO:

You'd Hope: Employers Told To Pay Minimum Wage

Advertisers offering jobs to backpackers are being told they must pay the minimum wage or risk prosecution. Last week, RNZ revealed a job website - Backpackerboard - was advertising roles below the $16.50 per hour minimum wage. More>>

ALSO:

Still Gaining: More Migrants Head Back Overseas

Annual net migration is down 4,800 from a high point a year ago, largely because more non-New Zealand citizens are leaving the country, Stats NZ said today. More>>

Christchurch: Red Zone Used To Boost Endangered Bee Population

“May 20 has been declared World Bee Day by the United Nations, and I am pleased to announce today that we have been able to use the red zone to protect and grow our native bee stocks,” says Minister Megan Woods. More>>

Trips, Support, Conferences For Agents: Insurers Spend $34 Million On Soft Commissions

“We are concerned that insurers are designing and offering incentives that potentially set advisers up to fail in complying with their obligations.” More>>

ALSO: