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%.