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

Media Release

Date: 10th February 2014

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 in 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.

PAYMARK Regional Data (January 2014 versus same month 2013)
Volume (million transactions) Value of spending ($millions)
RegionLast YearCurrent Year Volume DifferenceLast YearCurrent Year Value Difference
Auckland/Northland 30.1632.136.5%$1,512.4 $1,633.2 8.0%
Waikato 6.326.624.9%$302.6 $319.4 5.6%
BOP 5.575.967.1%$277.7 $298.1 7.3%
Gisborne 0.830.908.3%$37.2 $40.6 8.9%
Taranaki 1.952.065.8%$91.4 $96.5 5.5%
Hawke's Bay 2.372.536.9%$114.3 $122.4 7.2%
Wanganui 0.900.922.2%$39.4 $40.4 2.4%
Palmerston North 2.482.625.7%$125.8 $138.2 9.9%
Wairarapa 0.800.834.2%$37.6 $39.2 4.0%
Wellington 8.208.554.2%$372.2 $382.6 2.8%
Nelson 1.771.876.1%$89.3 $95.4 6.8%
Marlborough 0.991.078.0%$52.8 $58.7 11.1%
West Coast 0.580.616.0%$32.9 $35.2 6.9%
Canterbury 8.619.328.2%$435.4 $476.5 9.4%
South Canterbury 1.291.354.9%$69.6 $73.3 5.3%
Otago 4.374.646.1%$229.4 $248.5 8.3%
Southland 1.851.944.8%$97.7 $103.2 5.6%
New Zealand 79.0484.356.7%$3,959.3 $4,273.5 7.9%
(growth rate this time last year)6.3%5.1%

- ENDS -

--

About Paymark

In November 2009, Paymark honoured a significant business, retail, and economic milestone with the celebration of its 20th birthday. Since its inception in 1989 when three banks came together to form Electronic Transaction Services Limited (now known as Paymark Limited), Paymark has grown to become an integral part of New Zealand’s economic landscape with arguably the best EFTPOS system in the world.

Quick facts:

- By March 1990 volumes through the network exceeded 1 million transactions a month

- 1994 the company increased its computer processing power to accommodate volumes exceeding 10 million transactions a month

- 28 August 1996, Paymark makes history by installing an off-shore EFTPOS terminal at a general store, Scott Base, Antarctica

- In 1998 Paymark passed another milestone as the 1 billionth EFTPOS transaction was processed

- In February 2012, Paymark processed its 10 billionth transaction

- More than 74,000 merchants and 116,000 terminals are currently connected to the network that is now 3DES and EMV compliant. Today, the Paymark network processes over 75% of all electronic transactions in the New Zealand retail market on behalf of more than 50 card issuers and acquirers.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news