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

 

Record breaking Christmas Eve


Christmas Eve is often one of the busiest shopping days of the year and 2019 is proving to be no different.

While final sales figures are yet to be collated, we are on track to be close to the record figures from Friday of $297.5 million for the day.

The busiest time of day has likely passed with a peak of 199 transactions per second at 12:09pm. That’s up from the previous peak of 182 transactions per second set last year on December 22.

Paymark CMO Maxine Elliott says this represents a new record for the number of transactions per second the Paymark network has ever processed.

“Each year Christmas Eve really gives us a good workout. Throughout the year we typically see around 60 transactions per second and during December we saw that jump up hugely.”

At its peak, Paymark handled more than 679,000 transactions an hour.

“Even at these extreme transaction per second figures, our network is still operating well below its maximum capacity, proving we are a world-class example of a payments processing network that is second to none, making sure kiwi businesses can take payments securely.”

Paymark’s network processes EFTPOS transactions for more than 70% of New Zealand’s retailers with more than a billion transactions being processed each year.

Paymark reached a new daily peak last Friday of $297.5 million but processed another large sum of $284.9 yesterday. For some merchant groups, though, yesterday was the peak day. Groups recording new highs included Supermarkets (up 3.4% on their previous 2018 high), Specialised food shops (+11.1%), Department stores (+3.1%) and Recreational goods retailers (+12.7%).

Interestingly, spending growth yesterday was very strong in each of the major three city regions, suggesting many families are yet to hit the holiday resorts. Spending yesterday was 14.2% above the same Monday (Xmas Eve) of 2018 nationally but 15.8% higher across the combined three regions of Auckland/Northland, Wellington and Canterbury.

The running pre-Christmas spend, at $8602 million since 13 November 2019, has already surpassed the total for last Christmas now and is racing even higher today.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>

ALSO:

OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>