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


NZ credit, debit card spending climbs 0.6% in November

NZ credit, debit card spending climbs 0.6% in November, led by sales of consumables

By Tina Morrison

Dec. 10 (BusinessDesk) – New Zealanders’ retail spending on credit and debit cards rose in November, as spending on consumables, the largest single component, increased at the fastest pace since April last year.

Seasonally adjusted retail spending on electronic cards rose 0.6 percent in November to $4.53 billion, Statistics New Zealand said. That’s higher than the 0.4 percent monthly gain expected in a Reuters survey although a slower pace than October’s 1.8 percent rise. Spending on consumables increased 1.4 percent to $1.58 billion.

Retail spending on credit cards has increased for nine of the 11 months this year. Core retail spending, which strips out spending on vehicles and fuel, rose 0.3 percent to $3.65 billion, slowing from the 2.6 percent increase in October.

Spending appears to have picked up the pace again in the December quarter - consistent with an improving labour market, higher farm incomes, and rising house prices,” said Felix Delbruck, senior economist at Westpac Banking Corp. “It remains to be seen how the last of these is affected by the Reserve Bank's recent home loan restrictions. However, we don't expect any flow-on effects on spending to be evident for some months yet.”

In the latest month, spending on hospitality increased 0.7 percent to $687 million while spending on vehicles, excluding fuel, rose 0.8 percent to $128 million.

Still, spending on durables slipped 0.6 percent to $1.1 billion, apparel sales dropped 0.7 percent to $288 million, fuel spending weakened 0.9 percent to $747 million and sales on services dipped 0.5 percent to $204 million.

Actual retail sales on electronic cards were up 5.9 percent to $3.8 billion, the agency said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>


Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>


Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>


Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>


Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>


Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>


Get More From Scoop

Computer Power Plus
Search Scoop  
Powered by Vodafone
NZ independent news