logo
Plus   Neg
Share
Email

New Zealand Overall Credit Card Spending Sinks 1.9%

newzealandcpi-071510.jpg

Overall credit card spending in New Zealand fell a seasonally adjusted 1.9 percent on month in December, Statistics New Zealand said on Wednesday.

That missed forecasts for a decline of 0.7 percent following the 0.3 percent drop in November.

Retail credit card spending sank 2.3 percent on month, also shy of expectations for a fall of 0.4 percent following the 0.5 percent drop in the previous month.

Spending in the core retail industries (which excludes the vehicle-related industries) fell 1.5 percent.

By industry the movements were: consumables, up NZ$11 million (0.6 percent); hospitality, up NZ$0.4 million (unchanged); vehicles (excluding fuel), down NZ$1.5 million (0.8 percent); apparel, down NZ$6.3 million (2.1 percent); fuel, down NZ$50 million (8.0 percent); durables, down NZ$58 million (4.4 percent).

The total value of electronic card spending, including the two non-retail categories (services and other non-retail), was down NZ$139 million in December.

The non-retail (excluding services) category fell NZ$1.3 million (0.1 percent) and the services category fell NZ$1.5 million (0.5 percent) in December.

Cardholders made 163 million transactions across all industries in December, worth an average value of NZ$53 per transaction. The total amount spent using electronic cards was NZ$8.6 billion.

For the fourth quarter of 2018, overall electronic spending was down 0.1 percent following the 1.7 percent spike in Q3.

Retail credit card spending in the fourth quarter was down 0.2 percent, while spending in the core retail industries shed 0.5 percent.

By industry, the movements were: consumables, up NZ$62 million (1.0 percent); hospitality, up NZ$52 million (1.7 percent); durables, up NZ$10 million (0.3 percent); motor vehicles (excluding fuel), up NZ$0.9 million (0.2 percent); apparel, down NZ$2.3 million (0.3 percent); and fuel, down NZ$92 million (4.7 percent).

The total value of electronic card spending, including the two non-retail categories (services and other non-retail), was down NZ$12 million in the fourth quarter.

The non-retail (excluding services) category rose NZ$15 million (0.3 percent) and the services category rose NZ$16 million (1.8 percent).

Retail spending using electronic cards was NZ$18 billion in the fourth quarter, up NZ$616 million (3.5 percent) from a year earlier.

For comments and feedback contact: editorial@rttnews.com

Economic News

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.

Follow RTT