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

 


NZ spending on credit, debit cards rises in February

NZ spending on credit, debit cards rises in February

By Suze Metherell

March 11 (BusinessDesk) – New Zealanders spent more on their credit and debit cards in February, fuelled by spending on hospitality, while durables and apparel rebounded from declines in January.

The value of electronic card spending on retail rose 0.9 percent to a seasonally adjusted $4.58 billion in February, according to Statistics New Zealand. Core retailing, which excludes spending on fuel and auto-related items, gained 1.1 percent to $3.7 billion.

Spending on hospitality rose for a seventh month, up 1.5 percent to $719 million, while durables expenditure rose 1.3 percent to $1.1 billion, recovering from its January decline of 1.3 percent. Apparel spending rose 2.1 percent to $295 million, after dropping 2.7 percent the previous month. Consumables rose marginally, up 0.1 percent to $1.58 billion.

“February card spending showed continued growth,” ASB economist Daniel Smith said in a note. “Durables spending was boosted by increased housing market activity over 2012 and 2013, with home buyers looking to furnish their new homes and higher house prices potentially inducing ‘big-ticket’ purchases through equity withdrawal or just higher confidence amongst households. Over recent months, however, growth in the durables category has slowed noticeably.

“Spending on durables may not grow as quickly as was the case last year, but strong consumer confidence is flowing through to hospitality spending,” Smith said. “The environment for restaurants, cafes and bars looks very encouraging. High consumer confidence and strong population growth should continue to drive fairly strong spending growth.”

The gain in total retail was in part buoyed by a jump in vehicle sales, up 2 percent to $131 million. Spending on fuel declined 1.8 percent to $744 million.

Expenditure on services rose 0.2 percent to $209 million, while non-retail industries slipped 0.1 percent to $1.28 billion.

On an unadjusted basis, total spending on electronic cards rose 5.8 percent to $5.72 billion from the same month a year earlier.

There were 108 million transactions on electronic cards in February, worth an average $53. About 54.1 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

 

Broadband Network: Spark Launches New, Competitive Ultra Fibre Plan Line-Up

Spark is giving customers an even more compelling reason to switch to its Ultra Fibre plans from today with the introduction of new competitive pricing for the majority of its plans (details below) and Fibre Landline (voice-over-fibre technology) for ... More>>

Employment: ANZ Proposes Casualisation In Whangarei Stores

ANZ workers in Whangarei could see their incomes drop by 20 to 40 percent if the bank’s proposal to reduce the number of full-time positions goes ahead says FIRST Union national organiser Tali Williams. More>>

Finance: BNZ Develops Specialist Tāmaki Māori Banking Team

BNZ develops specialist Tāmaki Māori Banking Team to support Māori as Auckland grows More>>

Pharmaceuticals: Commerce Commission To Consider Pharmaceuticals Merger

The Commerce Commission has received an application from Pfizer Inc. seeking clearance to acquire all of the shares in Hospira Inc. More>>

Real Estate: Housing Unaffordability Issues Spread

Surging house prices in Auckland and Queenstown last month pushed home ownership even further beyond the reach of first home buyers in the two districts, according to the AMP360 Home Loan Affordability Report for March. More>>

Statistics NZ: Annual Exports To China Dip Below Australia

The value of goods exports to Australia ($8.7 billion) surpassed those to China for the year ended March 2015, Statistics New Zealand said today. More>>

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news