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

 

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news