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New Zealand July Electronic Spending Falls 0.7%

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Overall credit card spending in New Zealand fell a seasonally adjusted 0.7 percent on month in July, Statistics New Zealand said on Thursday.

That missed expectations for a decline of 0.3 percent following the downwardly revised flat reading in June (originally 0.1 percent).

Retail credit card spending was down 0.5 percent, also missing expectations for a gain of 0.3 percent following the 0.1 percent decline in the previous month.

Core retail spending (which excludes the vehicle-related industries) rose 0.1 percent in July after a 0.8 percent rise in June.

By industry the movements were: fuel, down NZ$36 million (6.1 percent); hospitality, down NZ$5.2 million (0.5 percent), after a 2.1 percent rise in June; vehicles (excluding fuel), up NZ$0.5 million (0.3 percent); consumables, up NZ$1.9 million (0.1 percent); durables, up NZ$2.3 million (0.2 percent); and apparel, up NZ$3.5 million (1.1 percent).

"Spending on fuel in July was NZ$543 million, the lowest monthly total since February 2015," business indicators manager Sue Chapman said. "Fuel prices were cheaper by almost 10 cents a liter in July compared with last month."

The non-retail (excluding services) industry fell NZ$5.6 million (0.4 percent) and the services industry was up NZ$3.4 million (1.3 percent).

Card-holders made 137 million transactions across all industries in July, with an average value of NZ$49. The total amount spent across all transactions was NZ$6.7 billion.

by RTT Staff Writer

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