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Financial News: New Zealand September Credit Card Spending Climbs 1.3%

New Zealand September Credit Card Spending Climbs 1.3%

10/09/2018 - 18:48:00 (RTTNews)

(RTTNews) - Overall credit card spending in New Zealand advanced a seasonally adjusted 1.3 percent on month in September, Statistics New Zealand said on Wednesday - accelerating from the 1.1 percent gain in August.

Retail credit card spending gained 1.1 percent on month - exceeding expectations for an increase of 0.6 percent and up from 1.0 percent in the previous month.

Core retail spending (which excludes the vehicle-related industries) rose 1.1 percent in September after a 0.9 percent rise in August.

By industry, the movements were: consumables, up NZ$20 million (1.0 percent); durables, up NZ$9.9 million (0.8 percent); hospitality, up NZ$3.7 million (0.4 percent); fuel, up NZ$2.7 million (0.4 percent); apparel, up NZ$2.7 million (0.9 percent); and vehicles (excluding fuel), up NZ$1.4 million (0.8 percent).

The total value of electronic card spending, including the two non-retail categories (services and other non-retail), rose 1.3 percent in September. This follows a 1.2 percent rise in August.

The non-retail (excluding services) category rose NZ$20 million (1.3 percent) and the services category rose NZ$3.7 million (1.3 percent). The non-retail (excluding services) category includes travel, health, and wholesaling.

Cardholders made 143 million transactions across all industries in September, worth an average value of NZ$48 per transaction. The total amount spent using electronic cards was NZ$6.9 billion.

For the third quarter of 2018, spending in the retail industries rose 2.3 percent on quarter, while spending in the core retail industries rose 2.1 percent.

By industry, the movements were: consumables, up NZ$140 million (2.4 percent); fuel, up NZ$65 million (3.4 percent); hospitality, up NZ$55 million (1.8 percent); durables, up NZ$54 million (1.4 percent); vehicles (excluding fuel), up NZ$8.2 million (1.6 percent); and apparel, up NZ$1.2 million (0.1 percent).

The total value of electronic card spending, including the two non-retail categories (services and other non-retail), was up NZ$425 million (2.0 percent) in the third quarter. This follows a 0.5 percent rise in the second quarter.

The non-retail (excluding services) category rose NZ$44 million (1.0 percent) and the services category rose NZ$15 million (1.8 percent).

Retail spending using electronic cards was NZ$16 billion in Q3, up NZ$773 million (5.2 percent) from a year earlier.

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