Retail spending on credit, debit cards rises in July, on gains in durables

Value of retail electronic card transactions monthly (Source: NZ Stats)

New Zealand core retail spending on debit and credit cards rose in July as increased spending on durables, apparel and consumables offset a dip in hospitality spending. 

The value of core retail spending  on electronic cards, which excludes fuel and auto-related purchases, rose a seasonally adjusted 0.5 percent, from a restated 0.3 decline in June and a 1 percent gain in May, Statistics New Zealand said. Including auto-related purchases, retail spending was unchanged following a static figure in June, and a 1.2 percent increase in May. Total spending, which includes non-retail industries and services, fell 0.1 percent, following a 0.5 gain in June. 

The data comes after the ANZ-Roy Morgan consumer confidence index rose to 132.7 in July, from 131.9 in June, extending a rebound from a six-month low of 127.6 in May, supported by an improving labour market and the impact of a high kiwi dollar on import prices. Today's electronic card figures show spending on durables rose 0.9 percent in July, after a fall of 0.7 percent in June.

Apparel advanced 1.7 percent from a restated 0.2 percent drop the previous month, while consumables increased 0.3 percent having slipped a restated 0.2 percent in June. Hospitality declined 0.6 percent in July.

The unadjusted value of spending on electronic cards rose 4.8 percent to $6.03 billion in July from a year earlier, with an average spend per transaction of $51. About 56 percent of transactions were on debit cards with the the remainder on credit cards. 

(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

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7161 -0.0001 -0.01%
AUD 0.9325 -0.0006 -0.06%
EUR 0.6813 0.0019 0.28%
GBP 0.5756 0.0019 0.33%
HKD 5.5570 -0.0013 -0.02%
JPY 80.9800 -0.4370 -0.54%

Commods

Commodity Price Change Time
Gold Index 1238.9 0.850 2017-02-21T00:
Oil Brent 56.8 0.860 2017-02-21T00:
Oil Nymex 54.3 0.940 2017-02-21T00:
Silver Index 18.0 -0.030 2017-02-21T00:

Indices

Symbol Open High Last %
NZX 50 7115.7 7115.7 7115.7 -0.75%
NASDAQ 5850.2 5867.9 5838.6 0.47%
DAX 11989.7 12031.1 11967.5 0.03%
DJI 20663.4 20757.6 20624.0 0.58%
FTSE 7274.8 7303.6 7274.8 0.17%
HKSE 24059.1 24202.0 23963.6 0.99%
NI225 19419.2 19419.2 19381.4 -0.01%
ASX 5791.0 5805.1 5791.0 0.24%