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

 


NZ retail spending on electronic cards rises in May

NZ retail spending on electronic cards rises at fastest pace in seven months in May

By Tina Morrison

June 11 (BusinessDesk) - New Zealand retail spending on credit and debit cards rose at its fastest pace in seven months in May, with gains across all six retail industries measured.

The value of retail spending on electronic cards rose a seasonally adjusted 1.3 percent in May from a 0.4 percent pace in April and no change in March, Statistics New Zealand said. That was the fastest pace since a 1.8 percent increase in October.

Spending appears to have picked up, having dropped off earlier in the year as consumer sentiment was hurt by a slowdown in the housing market and higher credit costs after mortgage lending restrictions introduced by the Reserve Bank in October started to bite and as the central bank began a cycle of interest rate hikes in March. Electronic card transactions account for about two-thirds of all retail spending.

"The solid increase in retail spending in May reflected continued high levels of consumer confidence, which helped to support spending in discretionary areas such as hospitality. Meanwhile, population growth is driving increased spending on necessities such as groceries," ASB Bank economist Christina Leung said in a note. "We expect continued positive developments, such as an ongoing recovery in the labour market, will encourage further growth in consumer spending over the remainder of 2014."

Reserve Bank governor Graeme Wheeler is tomorrow expected to hike the benchmark interest rate for a third time this year and signal further increases are on their way as he attempts to slow inflation.

"With a stronger household sector underpinning continued growth in the New Zealand economy, we expect the RBNZ will continue to tighten monetary policy over 2014 and 2015," said ASB's Leung.

Today's figures showed core retailing, which excludes spending on fuel and auto-related items, gained 1 percent in May, following increases of 0.2 percent the previous two months.

The value of total electronic card purchases, including services, rebounded 1.7 percent to $6.1 billion in May, following declines of 0.2 percent the previous two months.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news