RWC spending produces mixed results
Spending trends surrounding the Rugby World Cup have seen mixed results throughout various financial sectors in the country.
The total spending growth rate in card spending, excluding fuel, slowed last week to 2.7% from the previous week’s result of 4.4%, a financial report released by the Paymark network shows. Foreign card spending however, continued to climb last week, being up 37% (to $39.5m) on the same week last year, compared to 34% (to $35.7m) the previous week.
The extent of the apparent slow down in all card spending has been due to relatively high spending during the same week last year prior to the 1st October GST rate hike.
Hospitality merchants around the country have seen high results, especially during major All Blacks games, which have so far been held on weekend evenings. Results show that spending at hospitality merchants on Saturday 24th September was 7% higher (+$458,000) than last year between noon and 8pm, and 18% higher (+$386,000) in the 8 hours after 10pm.
Spending through accommodation merchants linked to Paymark has seen an increase since last year in Wanganui (+34%) and Hawkes Bay (+24%), compared to a 2% decrease in Auckland/Northland and an 11% decrease in Wellington.
Complete results can be found through the Paymark website: http://www.paymarkmediaroom.co.nz/rwc-spending-update.html