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

 

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news