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

 


Growth in NZ spending on credit, debit cards stalls in March

Growth in NZ spending on credit, debit stalls in March after Feb gain; apparel drops

By Suze Metherell

April 9 (BusinessDesk) – New Zealand spending growth on credit and debit cards stalled in March, as a decline in expenditure on fuel and clothing offset gains for food and liquor.

The value of retail spending on electronic cards was unchanged, seasonally adjusted, at $4.6 billion last month, after gaining 0.8 percent in February, according to Statistics New Zealand. Core retailing, which excludes spending on fuel and auto-related items, gained 0.1 percent to $3.7 billion, while the value of total electronic card purchases, including services, fell 0.2 percent to $6 billion.

Spending on apparel declined 2.4 percent to $287 million in March, down from February’s 2.1 percent rise to $294 million. Durables spending fell 0.1 percent to $1.1 billion and fuel spending declined for a third month, down 1.7 percent to $730 million.

Flat spending on cards “is not a great surprise given that there was quite a strong increase in spending in the previous month,” ASB economist Daniel Smith said in a note. “March card spending is likely to have been affected by good weather delaying winter clothing purchases.”

The gain in core retail spend was buoyed by an increase in hospitality spending of 0.5 percent to $722 million while consumables spending rose 0.4 percent to $1.6 billion.

Vehicle spending rose for a second month up 2.8 percent to $134 million. Expenditure on services rose 3.1 percent to $215 million.

“Elsewhere, steady growth in spending continues,” Smith said. “Strong consumer confidence and population growth should continue to drive greater consumption over 2014.”

Non-retail industries card spending slipped 0.9 percent to $1.26 billion, the second monthly decline.

On an unadjusted basis, total spending on electronic cards rose 5.3 percent to $6.16 billion from the same month a year earlier.

There were 119 million transactions in March, worth an average of $52. About 54.6 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

 

Constructions Builds: Consents Top $2 Billion For The First Time

Building consents reached a record $2 billion in March 2017, boosted by new homes and several big non-residential projects, Stats NZ said today. This was up 37 percent compared with March 2016. More>>

Other Stats:

Health: Work Underway To Address Antimicrobial Resistance

As part of a global response the Ministries of Health and Primary Industries have today jointly published ‘Antimicrobial Resistance: New Zealand’s current situation and identified areas for action’ to respond to the changing pattern of antimicrobial resistance in New Zealand. More>>

ALSO:

Employment: Vodafone Announces Family Violence Policy To Support Team

From today, any of Vodafone’s 3,000 workers affected by family violence will be eligible for a range of practical support, including up to 10 additional days of paid leave per year. More>>

Burning Up Over Saturn: Cassini's Grand Finale

With propellant running low, NASA scientists are concerned that the probe might accidentally crash into one of Saturn’s nearby moons, which could contaminate it with Earthling bacteria stuck to the spacecraft. Instead, the spacecraft will be safely "disposed" in Saturn's atmosphere. More>>

ALSO:

Our Fresh Water: Monitoring Report Confirms Serious Challenges For Rivers

• nitrogen levels are getting worse at 55 percent and getting better at 28 percent of monitored river sites across New Zealand • phosphorus levels are getting better at 42 percent and getting worse at 25 percent of monitored river sites across New Zealand More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news