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

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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