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New Zealand May Credit Card Spending Jumps 0.5%

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Overall credit card spending in May climbed a seasonally adjusted 0.5 percent on month in May, Statistics New Zealand said.

That follows the upwardly revised 0.7 percent decline in April (originally -0.9 percent).

Retail credit card spending picked up 0.4 percent on month - well shy of expectations for a gain of 1.2 percent following the 2.2 percent contraction in the previous month.

Core retail spending (which excludes vehicle-related industries) rose 0.4 percent in May following a 2.1 percent fall in April.

"Retailers outside the realm of food and fuel trading have had a relatively quiet month with half the retail industries showing falls," retail trade manager Sue Chapman said. "Spending on personal and household services and non-retail industries including travel, health, and wholesale also dropped in May."

Card spending rose in three of the six retail industries. The largest movements were:

• consumables, including grocery and liquor retailing, up NZ$28 million (1.4 percent) - rebounding from April's 3.6 percent fall;

• fuel, up NZ$6 million (0.9 percent);

• apparel, including clothing, footwear, and accessories, down NZ$5 million (1.8 percent).

Actual retail spending using electronic cards was NZ$5.2 billion in May, up NZ$208 million (4.2 percent) from a year earlier.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

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