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Financial News: New Zealand Overall Card Spending Rises 2.5% In

New Zealand Overall Card Spending Rises 2.5% In January

02/12/2017 - 19:45:00 (RTTNews)

(RTTNews) - Overall credit card spending in New Zealand climbed a seasonally adjusted 2.5 percent on month in January, Statistics New Zealand said on Monday.

That beat forecasts for an increase of 1.0 percent following the flat readings in December.

Retail credit card spending jumped 2.7 percent to NZ$5.1 billion, topping expectations for 0.7 percent and up from the flat readings in December and November.

All six retail industries were up on month, marking the biggest percentage increase since January 2006.

In January, the largest seasonally adjusted increase was from the durables industry, up NZ$37 million (3.1 percent). This follows falls in the previous three months. The durables industry includes furniture, hardware, and appliance retailing.

"The lift in retail card spending in January was across the board, from food and liquor to clothing, petrol, and cars, as well as a bounce back for furniture, hardware, and appliances," business indicators senior manager Neil Kelly said.

Core retail spending (which excludes the vehicle-related industries) rose 2.5 percent after a 0.7 percent fall in December and a 0.4 percent fall in November.

Trends for the total, retail, and core retail series have generally been rising since these series began in October 2002, the bureau said, but the core retail trend has been easing in recent months.

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