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Financial News: New Zealand Overall August Credit Card Spending Gains

New Zealand Overall August Credit Card Spending Gains 0.6%

09/10/2017 - 19:46:00 (RTTNews)

(RTTNews) - The total value of overall credit card spending in New Zealand climbed a seasonally adjusted 0.6 percent on month in August, Statistics New Zealand said on Monday.

That beat forecasts for an increase of 0.2 percent following the upwardly revised 0.6 percent contraction in July (originally -0.7 percent).

Retail credit card spending fell 0.2 percent on month, missing forecasts for a gain of 0.5 percent following the loss of 0.5 percent in the previous month.

Core retail spending (which excludes the vehicle-related industries) fell 0.2 percent in August, after an unchanged July.

By industry: consumables were up NZ$3.3 million (0.2 percent); fuel was up NZ$2.1 million (0.4 percent); vehicles (excluding fuel), up NZ$1.6 million (0.9 percent); apparel, up NZ$0.2 million (0.1 percent); hospitality, down NZ$1 million (0.1 percent); and durables, down NZ$1.4 million (0.1 percent).

"This is the fourth consecutive monthly fall in retail card spending, which is mainly influenced by lower fuel prices over recent months," retail manager Sue Chapman said. "All the six retail industries showed only small changes, with movements less than $5 million compared with July."

The non-retail (excluding services) industry climbed NZ$19 million (1.3 percent) and the services industry was up NZ$2 million (0.8 percent).

Cardholders made 139 million transactions across all industries in August, with an average value of NZ$48. The total amount spent across all transactions was NZ$6.7 billion.

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