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

 

NZ core retail spending on credit, debit cards slips in June

NZ core retail spending on credit, debit cards slips in June

By Suze Metherell

July 9 (BusinessDesk) - New Zealand core retail spending on debit and credit cards fell in June for the first time in four months as declines in purchases of durables and apparel offset gains in hospitality.

The value of core retail spending, which excludes fuel and auto-related purchases, on electronic cards fell a seasonally adjusted 0.4 percent, from a restated 1 percent gain in May and 0.2 rise in April, Statistics New Zealand said. Including auto-related purchase, retail spending was unchanged in the month following a 1.2 percent increase in May, while total spending, which counts non-retail industries and services, rose 0.5 percent in June, from a 1.8 percent gain in May.

The dip in spending comes as New Zealand business confidence dropped from a 20-year high in the second quarter, as economic growth moderates. The New Zealand Institute of Economic Research’s Quarterly Survey of Business Opinion said a net 33 percent of businesses were optimistic in the June quarter, seasonally adjusted, from a net 51 percent in the first quarter, consistent with growth moderating from strong levels.

Today's figures show spending on durables fell 0.7 percent in June, from a rise of 0.9 percent in May. Apparel fell 0.4 percent, from a 2.3 percent gain, while consumables declined 0.1 percent having gained 1.1 percent the previous month. Hospitality rose 0.5 percent in June, from a previous 1.5 percent lift in May.

The unadjusted value of spending on electronic cards rose 4.8 percent to $5.7 billion in June from a year earlier, with the average spend per transaction $51. About 56 percent of transactions were on debit cards with the remainder on credit cards.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Rocket Lab: Launch Expected

Rocket Lab has delayed the roll out of the launch vehicle called Electron by one day, due to weather conditions. The planned launch attempt will now take place on Tuesday, May 23, 2017. More>>

ALSO:

Budget: Irrigate (Good Times, Come On!)

Additional grant funding of $26.7 million over the next three years plus a capital boost of $63 million towards irrigation investments in Budget 2017 will deliver economic and environmental benefits through better use of water... More>>

ALSO:

Silver Fern Farms: Proposal To Close Fairton Sheepmeat Plant

Silver Fern Farms has advised its people of the proposal to permanently close the site, and has discussed potential transfer options to its other sites in the region as part of the consultation process...
More>>

ALSO:

MPI: Myrtle Rust Appears In Taranaki

The nursery in Waitara (just north of New Plymouth) reported suspected myrtle rust symptoms on young plants to the Ministry’s 0800 number yesterday (Tuesday). More>>

ALSO: