New Zealand retail spending on electronic cards rose as expected last month, led by fuel, motor vehicle-related spending and durables.
Spending on debit, credit and charge cards rose 0.4%, seasonally adjusted, in October, following a 0.6% decline in the previous month, Statistics New Zealand says. Core retail, which excludes motor vehicle related spending, gained 0.2%.
Consumer-related stocks on the NZX 50 Index have been among the biggest gainers this year, with a 35% gain based on the NZSE Consumer Index, outpacing the broader market. Briscoe Group has climbed 49% this year, while jeweller Michael Hill International is up 39%.
The 0.4% gain in the latest month matched the forecast in a Reuters survey. Actual sales were up 3.2% from a year earlier.
Spending on fuel rose 1.6% and spending on durables, which include furniture, hardware and appliances, rose 0.7% in October. Consumables, such as food and liquor, fell 0.6% after a decline of 0.7% the previous month.
The electronic cards data covers about two-thirds of retail spending in New Zealand.
Total card transactions, including those not related to retailing, also rose 0.4%.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Sky says Roy Morgan's Neon number is too low, reveals On Demand usage
- $100m later, Woosh Wireless goes into voluntary administration
- Sky and Duco vs the Parker pirates: a Q&A
- Fellet unmoved by media company 'for-sale' signs as Sky TV mulls capital options
- Commerce Commission files against Vodafone, alleges misleading 'Red Essentials' mobile plan
Most listened to
- Can Arvida continue at this pace? CEO Bill McDonald weighs in
- AFT’s Dr Hartley Atkinson says the country will increase overseas revenue but it will be a “drip feed”
- US drone shocks in Pakistan with frightening questions in EgyptAir crash on Foreign Affairs Scope with Nathan Smith
- AMA: Orion boss Ian McCrae delivers 10 quickfire answers to 10 quickfire questions from readers
- Government debt will top out at about 26% of GDP, well below most other countries, says Professor Niall Ferguson