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Financial News: New Zealand Overall Credit Card Spending Drops 0.9%

New Zealand Overall Credit Card Spending Drops 0.9% In April

05/08/2018 - 19:45:00 (RTTNews)

(RTTNews) - Overall credit card spending in New Zealand declined a seasonally adjusted 0.9 percent on month in April, Statistics New Zealand said on Wednesday.

That missed expectations for a decline of 0.1 percent following the 0.7 percent gain in March.

Retail credit card spending tumbled 2.2 percent last month - also missing forecasts for a flat reading following the 1.0 percent gain in the previous month.

"The fall in retail card spending is unusually large. It was driven by a drop in sales of groceries and liquor, as well as an unexpected dip in fuel," business performance senior manager Peter Dolan said. "The drop in fuel sales was unexpected because petrol prices rose as much as 9 cents a liter during the April month."

Card spending fell across three of the six retail industries. The largest movements were: consumables, including grocery and liquor retailing, down NZ$72 million (3.6 percent) - more than reversing a NZ$60 million rise in March (up 3.1 percent); fuel, down NZ$17 million (2.9 percent); and hospitality, down NZ$9.0 million (0.9 percent).

Core retail spending (which excludes the vehicle-related industries) fell 2.3 percent in April after a rise of 2.0 percent in March.

Actual retail spending using electronic cards was NZ$5.1 billion in April, up NZ$39 million (0.8 percent) from a year earlier.

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