Credit card spending falls 0.6% in May
The dip comes in a month when total electronic card spending was up on increased purchases of fuel, food and liquor and hospitality.
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Credit card billings in New Zealand shrank in May, a month when total spending on electronic cards advanced on increased purchases of fuel, food and liquor and hospitality.
Total billings in New Zealand shrank a seasonally adjusted 0.6 percent to $2.74 billion in May, according to Reserve Bank figures. Of that, domestic billings on local cards declined 0.5 percent to $2.53 billion, while foreign issued cards contributed $212 million. Overseas billings on New Zealand issued cards dropped 1.1 percent to $364 million.
The credit card figures come after Statistics New Zealand data showed a 0.5 percent increase on credit, debit and store cards in May, with fuel, consumables and hospitality capturing most of the gains.
Today's data show total credit card advances outstanding at $5.63 billion, up 0.2 percent on the month, and 0.3 percent higher than a year earlier.
New Zealand's consumers are still relatively upbeat about the economy, with confidence edging up from an already elevated level in an ANZ-Roy Morgan survey released last week.
(BusinessDesk)
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Credit card spending falls 0.6% in May
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