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New Zealanders' retail spending on credit and debit cards rose last month, with core retail industries growing at the fastest pace since October 2002 when the series began.
Seasonally adjusted retail spending on electronic cards rose 1.1 percent to $5.95 billion in October, after a 0.3 percent fall a month earlier, and the eighth monthly gain this year, according to Statistics New Zealand. Core retail spending, which strips out spending on vehicles and fuel, climbed 1.8 percent to $3.63 billion.
Spending on durables climbed 4.3 percent to $1.1 billion and apparel gained 3.1 percent to $289 million in October. Spending on consumables increased 0.5 percent to $1.56 billion, hospitality rose 0.5 percent to $676 million.
Fuel spending was up 0.3 percent to $755 million and vehicles spending rose 4.5 percent to $127 million. Spending on services climbed 6.5 percent to $205 million and slipped 0.4 percent to $1.25 billion on non-retail industries.
Actual retail sales on electronic cards were up 7 percent to $6 billion in October from the same month a year earlier.
(BusinessDesk)
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NZ credit, debit card spending climbs 1.1% in October, core retail gain at decade-high
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