Retail spending on credit, debit cards rises in July, on gains in durables

Value of retail electronic card transactions monthly (Source: NZ Stats)

New Zealand core retail spending on debit and credit cards rose in July as increased spending on durables, apparel and consumables offset a dip in hospitality spending. 

The value of core retail spending  on electronic cards, which excludes fuel and auto-related purchases, rose a seasonally adjusted 0.5 percent, from a restated 0.3 decline in June and a 1 percent gain in May, Statistics New Zealand said. Including auto-related purchases, retail spending was unchanged following a static figure in June, and a 1.2 percent increase in May. Total spending, which includes non-retail industries and services, fell 0.1 percent, following a 0.5 gain in June. 

The data comes after the ANZ-Roy Morgan consumer confidence index rose to 132.7 in July, from 131.9 in June, extending a rebound from a six-month low of 127.6 in May, supported by an improving labour market and the impact of a high kiwi dollar on import prices. Today's electronic card figures show spending on durables rose 0.9 percent in July, after a fall of 0.7 percent in June.

Apparel advanced 1.7 percent from a restated 0.2 percent drop the previous month, while consumables increased 0.3 percent having slipped a restated 0.2 percent in June. Hospitality declined 0.6 percent in July.

The unadjusted value of spending on electronic cards rose 4.8 percent to $6.03 billion in July from a year earlier, with an average spend per transaction of $51. About 56 percent of transactions were on debit cards with the the remainder on credit cards. 

(BusinessDesk)

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