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New Zealand Credit Card Spending Climbs 1.0% In June

By RTTNews Staff Writer   ✉   | Published:   | Follow Us On Google News
rttnewslogo20mar2024

Overall credit card spending in New Zealand jumped a seasonally adjusted 1.0 percent on month in June, Statistics New Zealand said on Monday.

That beat forecasts for an increase of 0.4 percent following the 0.6 percent contraction in May.

Retail credit card spending jumped 1.2 percent on month - also beating forecasts for 0.5 percent after sliding 0.3 percent in the previous month.

"For the first time in more than a year all six retail industries had increases in spending," business indicators manager Clara Eatherley said. "This last occurred in March 2015."

The largest increases in June were: durables, up $17 million (1.4 percent); fuel, up $16 million (2.8 percent); and hospitality, up $14 million (1.5 percent).

The durables industry includes furniture, hardware, and appliance retailing; pharmacy, cosmetic, and toiletry retailing. The hospitality industry includes accommodation, bars, cafes and restaurants, and takeaway retailing.

Core retail spending (which excludes the vehicle-related industries) jumped 1.0 percent following the flat reading a month earlier.

In actual terms, total retail spending using electronic cards was NZ$4.6 billion in June, up NZ$295 million (6.8 percent) from a year earlier.

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