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


CORRECT: NZ spending rises 2.6% in Christmas week

CORRECT: NZ spending rises 2.6 percent in Christmas week from 2011 as Canterbury bounces back

(Fixes names of Paymark CEO in third paragraph)

Dec. 24 (BusinessDesk) - New Zealanders spent 2.6 percent more in the week leading up to Christmas this year than they did a year ago, due mainly to a resurgent Canterbury region that wasn't reeling from yet another earthquake.

Retail spending rose to $1.33 billion in the week ended Dec. 23, from $1.29 billion in the same week a year earlier, according to Paymark figures, which account for about three quarters of all electronic transactions. Almost a third of that increase came from Canterbury which registered an 8 percent left from a year ago when the country's second-biggest city was dealing with a major earthquake.

"Canterbury has really steamed ahead of the other regions in terms of spending growth in the lead up to Christmas," Paymark chief executive Simon Tong said in a statement. "In the past few days we've seen the spending growth rate decelerate slightly to become more in line with the average growth rate over the past 11 months."

The figures come after government figures this month showed sales on electronic cards rose 0.5 percent in November, led by spending on hospitality.

Today's Paymark figures reported a 1.9 percent increase in Auckland/Northland spending to $520 million, while Wellington showed a 1.6 percent fall to $128.6 million.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news