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Financial News: New Zealand Overall Credit Card Spending Climbs 0.4%

New Zealand Overall Credit Card Spending Climbs 0.4%

07/09/2018 - 19:45:00 (RTTNews)

(RTTNews) - Overall credit card spending in New Zealand gained a seasonally adjusted 0.4 percent on month in June, Statistics New Zealand said on Tuesday.

That was in line with expectations and down from 0.5 percent in May.

Retail credit card spending was up 0.8 percent 0 exceeding expectations for 0.5 percent and up from 0.4 percent in the previous month.

Spending in the core retail industries (which excludes the vehicle-related industries) rose 0.6 percent.

"The lift in retail card spending was across the board, from food and liquor, furniture, hardware and appliances, petrol and cars, as well as a bounce back in clothing and footwear," retail statistics manager Sue Chapman said. "The pick-up in spending on clothing and footwear, could be attributed to the start of winter."

By industry the movements were: consumables, up NZ$11 million (0.6 percent); fuel, up NZ$8.6 million (1.3 percent); durables, up NZ$5.8 million (0.5 percent); apparel, up NZ$4.3 million (1.5 percent); hospitality, up NZ$2.2 million (0.2 percent); and vehicles (excluding fuel), up NZ$0.6 million (0.3 percent).

The total value of electronic card spending, including the two non-retail categories (services and other non-retail), rose 0.4 percent in June. This follows a 0.5 percent rise in May 2018.

The non-retail (excluding services) category rose NZ$4.9 million (0.3 percent) and the services category rose NZ$1.9 million (0.7 percent).

In actual terms, cardholders made 140 million transactions across all industries in June 2018, worth an average value of NZ$49 per transaction. The total amount spent using electronic cards was NZ$6.8 billion.

In the second quarter, overall card spending was up 0.5 percent on quarter, while retail card spending fell 0.2 percent.

Spending in the core retail industries fell 0.2 percent. By industry the movements were: consumables, down $36 million (0.6 percent); fuel, down $13 million (0.7 percent); apparel, down $13 million (1.4 percent); hospitality, up $1.8 million (0.1 percent); vehicles (excluding fuel), up $2.7 million (0.5 percent); and durables, up $26 million (0.7 percent).

The total value of electronic card spending, including the two non-retail categories (services and other non-retail), was up NZ$96 million (0.5 percent) in the latest quarter. This follows a 1.2 percent rise in the March 2018 quarter.

The non-retail (excluding services) category rose NZ$60 million (1.3 percent) and the services category rose NZ$16 million (1.9 percent).

In actual terms, retail spending using electronic cards was NZ$15 billion in the June 2018 quarter, up NZ$518 million (3.5 percent) from the June 2017 quarter.

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