Retail spending on electronic cards rises 0.4%

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%.

(BusinessDesk)

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Commenter icon key: Subscriber Verified

Anyone know if the rumour of Goodmans announcing another capital raising next week are true? Underwritten by ACC and the likes no doubt

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