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)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7113 0.0000 0.00%
AUD 0.9508 0.0000 0.00%
EUR 0.6400 0.0000 0.00%
GBP 0.5202 0.0000 0.00%
HKD 5.5327 0.0000 0.00%
JPY 72.5690 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1322.4 60.100 2016-06-24T00:
Oil Brent 49.0 0.120 2016-06-24T00:
Oil Nymex 47.6 -2.520 2016-06-24T00:
Silver Index 17.8 0.440 2016-06-24T00:

Indices

Symbol Open High Last %
NZX 50 6821.4 6853.1 6821.4 -2.25%
NASDAQ 4715.8 4798.2 4910.0 -4.12%
DAX 9237.6 9720.1 10257.0 -6.82%
DJI 17946.6 17946.6 18011.1 -3.39%
FTSE 6338.1 6338.6 6338.1 -3.15%
HKSE 20483.5 21034.2 20868.3 -2.92%
NI225 16333.9 16389.2 16238.4 -7.92%
ASX 5280.7 5325.4 5280.7 -3.17%