Credit card spending drops in October
Credit card billings in New Zealand fell in October from the same month a year earlier in the first annual decline in three years.
Total billings in New Zealand shrank 0.9% to a seasonally adjusted $2.7 billion last month from October 2011 as spending on overseas cards shrank by a quarter, Reserve Bank figures show.
Last year's local billings on foreign-issued cards were bolstered by an influx of visitors for the Rugby World Cup.
Local billings on New Zealand issued cards rose 2.9% to $2.42 billion in October from a year earlier and were up 0.5% on a monthly basis.
Earlier this month, government data showed spending on credit and debit cards rose 4.6% to $5.61 billion in October from a year earlier, led by increases going on fuel and vehicles.
Credit cards accounted for about 44%t of transactions that month.