Christmas shoppers spend up on plastic

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 shoppers used plastic cards to spend up on pretty much everything except fuel, Statistics New Zealand says.

The value of electronic card spending in retail industries rose 0.3 percent in December from November. It was the third consecutive monthly increase.

The value of total electronic card transactions rose by 0.4 percent in December.

The data suggested a more healthy retail environment at the end of 2012, ASB economists say.

"A trend of gradually improving retail spending poses little concern to the Reserve Bank of New Zealand's inflation outlook, and consumer spending for now remains constrained by high levels of household debt and a somewhat soft labour market," Daniel Smith, an economist at ASB Institutional, says.

He expects the official cash rate to remain on hold until December 2013.

Fuel was the only industry in which the value of transactions fell, down 3.5 percent in December compared with November.

Transactions for core retailing, excluding motor vehicle-related industries, increased 0.5 percent in December.

Electronic purchases of consumables rose 0.8 percent, more than the 0.6 percent rise in durables.

Electronic transactions make up about 65 percent of retail spending. In unadjusted terms there were 122 million transactions in December with an average value of $56.

(BusinessDesk)


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 0.7100 0.0000 0.00%
AUD 0.9295 0.0000 0.00%
EUR 0.6459 0.0000 0.00%
GBP 0.4645 0.0000 0.00%
HKD 5.5084 0.0000 0.00%
JPY 88.1490 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1189.4 2.070 2015-05-29T00:
Oil Brent 66.1 -1.110 2015-05-29T00:
Oil Nymex 60.3 2.570 2015-05-29T00:
Silver Index 16.7 0.032 2015-05-29T00:

Indices

Symbol Open High Last %
NZX 50 5777.6 5844.9 5777.6 1.17%
NASDAQ 5093.1 5099.4 5098.0 -0.55%
DAX 11685.7 11704.4 11677.6 -2.26%
DJI 18128.1 18128.1 18126.1 -0.64%
FTSE 7040.9 7069.9 7040.9 -0.80%
HKSE 27398.3 27604.3 27454.3 -0.11%
NI225 20510.3 20636.4 20551.5 0.06%