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

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news