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

 


NZ retail spending on credit, debit cards rises in April

NZ retail spending on credit, debit cards rises in April; hospitality extends gain

By Suze Metherell

May 9 (BusinessDesk) – New Zealand retail spending on credit and debit cards rose in April as gains in hospitality and consumables offset falling apparel purchases, as an accelerating economy continues to underpin household confidence.

The value of retail spending on electronic cards, seasonally adjusted, rose 0.3 percent to $4.59 billion in April, after growth stalled in March, according to Statistics New Zealand. Core retailing, which excludes spending on fuel and auto-related items, gained 0.1 percent to $3.71 billion. The value of total electronic card purchases, including services, fell for a second consecutive month down 0.4 percent to $6.02 billion with reduced spending on services and non-retail industries.

Spending on hospitality rose for a ninth month, up 0.3 percent to $723 million, and was up 11 percent from a year earlier. Spending on consumables, such as food and liquor, rose for a third month, up 0.7 percent to $1.6 billion. Apparel purchases fell 2.7 percent to a two-year low $277 million. Spending on durables, including furniture, hardware and appliances, fell 0.2 percent to $1.09 billion in April.

“A slight pick-up in growth in the large consumables category is encouraging, but weakness in apparel spending continued in April,” ASB economist Daniel Smith said in a note. “Consumer confidence is soaring and employment conditions are looking very good. But consumers are still cautious about taking on debt, and low wage growth is restraining purchasing power.”

Growing momentum in the local economy has underpinned improving consumer sentiment, which remained at elevated levels in last month’s ANZ-Roy Morgan consumer confidence survey. That’s supported a more upbeat retail sector, which has been faced with heightened competition from online offerings and subdued spending since the global financial crisis.

Today’s figures show fuel spending rose 1.5 percent to $742 million, snapping three consecutive months of decline, while vehicle purchases dropped 3.5 percent to $129 million.

Non-retail services dropped 4.4 percent to $205 million and non-retail industries, excluding services, fell 2 percent to $1.23 billion.

On an unadjusted basis, total spending on electronic cards rose 4.6 percent to $5.83 billion from the same month a year earlier.

There were 113 million transactions in April, with the average spend about $51. About 56 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

 

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

It's Spark Now:
Why Telecom Wanted To Change

New Zealand led the world when Chorus demerged from Telecom. It gave us a telecommunications industry structure where the network is completely separated from the products and services it delivers. The changes brought about a new market dynamic and it dramatically changed Telecom’s role. More>>

ALSO:

Glass Half Empty: Dairy Prices Fall To Lowest Since 2012

Dairy product prices slumped to the lowest level since October 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and cheddar. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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