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

 


NZ spending on credit, debit cards falls in January

NZ spending on credit, debit cards falls in January, snapping three months of gains

Feb. 12 (BusinessDesk) - New Zealanders spent less on their credit and debit cards in January, snapping three months of gains, with apparel showing the sharpest decline.

The value of electronic card spending on retail fell 0.5 percent to a seasonally adjusted $4.54 billion in January, according to Statistics New Zealand. Core retailing, which excludes spending on fuel and auto-related items, dropped 0.8 percent to $3.66 billion.

Spending on apparel fell 2.8 percent to $289 million, while expenditure on durable items fell 1.3 percent to $1.08 billion and consumables were down 0.5 percent to $1.58 billion. Hospitality spending was the only core retail industry to gain in January, up 0.7 percent to $709 million.

“January card spending was softer than expected, but follows a period of strength,” ASB economist Daniel Smith said in a note. “It does not change our view on consumer spending, which we expect will continue to grow healthily over 2014.”

Spending on fuel slipped 0.1 percent to $758 million in January and expenditure on vehicles fell 0.3 percent to $128 million. Expenditure on services rose 1.1 percent to $209 million, and on non-retail industries was up 1.5 percent to $1.28 billion.

On an unadjusted basis, total spending on electronic cards rose 6.4 percent to $6 billion in January from the same month a year earlier.

There were 114 million transactions on electronic cards in January, at an average value of $53. About 54.8 percent of all transactions were on debit cards, with the remainder on credit.

Electronic card transactions account for about two-thirds of all retail spending.

(BusinessDesk)

© 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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news