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

 

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Going Dutch: Fonterra Kicks Off $144M Partnership With Dutch Cheese Maker

Fonterra Co-operative Group, the world’s largest dairy exporter, has commissioned a new dairy ingredients plant in Heerenveen, in the north of the Netherlands, its first wholly-owned and operated ingredients plant in Europe. More>>

ALSO:

Scoop Business: NZ Retail Sales Beat Estimates

New Zealand retail sales rose more than expected in the fourth quarter, led by vehicle-related transactions, food and beverages, adding to evidence that cheap credit and a growing jobs market are encouraging consumers to spend. More>>

ALSO:

Delivery Cuts Go Ahead: 'Government Money Grab' From NZ Post

"It's a money grab by the Government as the shareholder of New Zealand Post" says Postal Workers Union advocate Graeme Clarke about the changes announced by NZ Post. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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