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 0.6721 0.0039 0.58%
AUD 0.9441 0.0032 0.34%
EUR 0.5941 0.0017 0.29%
GBP 0.4642 0.0040 0.87%
HKD 5.2367 0.0290 0.56%
JPY 75.6260 -0.0600 -0.08%

Commods

Commodity Price Change Time
Gold Index 1247.8 53.200 2016-02-11T00:
Oil Brent 30.8 -0.720 2016-02-11T00:
Oil Nymex 26.1 -1.400 2016-02-11T00:
Silver Index 15.8 0.510 2016-02-11T00:

Indices

Symbol Open High Last %
NZX 50 5987.0 5987.0 5987.0 -1.08%
NASDAQ 4218.8 4293.2 4283.6 -0.39%
DAX 8887.9 8899.6 9017.3 -2.93%
DJI 15897.8 15897.8 15914.7 -1.60%
FTSE 5672.3 5672.3 5672.3 -2.39%
HKSE 18486.9 18627.5 19288.2 -3.85%
NI225 16127.9 16163.0 16085.4 -2.31%