Paymark sees lack of last-minute Christmas spendup

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Christmas spending reached a peak last Friday as households stocked up on food and fuel.

Eftpos company Paymarks says total spending was up 30.6% up last week on the first week of December and up 3.4% year-on-year for the 21 days to December 23.

Paymark chief executive Simon Tong says the steady growth demonstrates shoppers are well organised this year.

“We’re seeing a healthy finish to the Christmas period, with just over $1.3 billion through the tills last week. In the past few days we’ve seen the spending growth rate decelerate slightly to become more in line with the average growth rate over the past 11 months.

“This suggests that while spending is still up annually, many are avoiding taking the last minute shopping approach in the final days before Christmas.”

Paymark, which processes about 75% of all the country's electronic transactions, says particularly strong year-on-year growth has occurred in Canterbury and Gisborne in the week ending December 23, up 8% and 6.9% respectively.

Auckland/Northland (+1.9%) and Wellington (-1.6%) both dropped below the earlier trend.

Total spending through Paymark for the three weeks to last Friday was $3,437 billion, an increase of $112.3 million on 2011.

“Canterbury has really steamed ahead of the other regions in terms of spending growth in the lead up to Christmas. However, it appears Auckland/Northland and Wellington dropped off to some degree in the last weekend, presumably due to early travelling,” Mr Tong says.


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

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7250 0.0010 0.14%
AUD 0.9356 0.0002 0.02%
EUR 0.6665 0.0010 0.15%
GBP 0.4710 0.0006 0.13%
HKD 5.6202 0.0077 0.14%
JPY 89.2620 0.1910 0.21%

Commods

Commodity Price Change Time
Gold Index 1186.8 -18.680 2015-05-26T00:
Oil Brent 64.3 -1.590 2015-05-26T00:
Oil Nymex 58.0 -1.620 2015-05-26T00:
Silver Index 16.7 -0.305 2015-05-26T00:

Indices

Symbol Open High Last %
NZX 50 5795.9 5795.9 5795.9 -0.65%
NASDAQ 5076.9 5081.2 5089.4 -1.11%
DAX 11841.5 11920.3 11815.0 -1.61%
DJI 18229.8 18229.8 18232.0 -1.04%
FTSE 7031.7 7039.6 7031.7 -1.18%
HKSE 28214.7 28214.7 28249.9 -0.76%
NI225 20380.6 20513.2 20437.5 -0.06%