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

 


Strong Annual Growth Continues Into 2014 … But it’s Patchy

Strong Annual Growth Continues Into 2014 … But it’s Patchy

Auckland, Monday 10 February 2014; Spending across the first month of 2014 can be best described as positive but patchy according to the latest figures from New Zealand’s leading payments provider, Paymark.

Paymark’s data highlight that while the total value of January spending through its network was up 7.9 per cent, there are some mixed trends and also a hint that some of the momentum may be waning.

Mark Spicer, Head of Customer Relations at Paymark, says, “After a big finish in 2013, it’s good to see that some regions and retailers are continuing to feel the momentum associated with the general economic recovery.

“The food and hospitality sectors in particular continue to experience strong spending growth but sectors including clothing and department stores and regions like Wellington and Wanganui continue to lag,” adds Spicer.

Our more buoyant holiday mood and an increase in international tourist numbers pushed the year-on-year growth rate for accommodation and hospitality providers up to 12.8 per cent during January. Food and beverage outlets also enjoyed continued spending growth with sales through Paymark up 8.4 per cent.

Petrol outlets, tyre companies and automotive parts shops benefitted from a strong summer, up 11.3 per cent, 8.9 per cent and 9.1 per cent respectively.

Housing-related spending growth remained high through furniture and homeware shops, up 10.9 per cent year-on-year.

But a hint of a change in this part of the retail sector can be seen from the annual growth in spending through hardware stores recording only 4.7 per cent, well below the annual growth rate averaged since early 2012 of 9.9 per cent.

January’s hotspots for growth in the total value of transactions included Marlborough (+ 11.1 per cent), Palmerston North (+9.9 per cent) and Canterbury (+9.4 per cent).

Regionally, Wellington and Wanganui experienced the slowest growth in terms of the value of transactions, recording modest annual shifts of 2.8 per cent and 2.4 per cent respectively.

When looking at the split of how Kiwis paid for goods and services during January (credit card vs. debit card) Paymark’s data showed that spending on credit cards outstripped debit cards with total transactions for each payment type at +15.5 per cent and +4.0 per cent, year-on-year, respectively.

- ENDS -

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news