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Financial News: New Zealand August Electronic Retail Card Spending Sinks

New Zealand August Electronic Retail Card Spending Sinks 7.9%

09/09/2020 - 19:55:00 (RTTNews)

(RTTNews) - The value of retail electronic card transactions in New Zealand dropped a seasonally adjusted 7.9 percent on month in August, Statistics New Zealand said on Thursday - following the 1.2 percent increase in July.

On a yearly basis, retail card transactions dipped 0.8 percent after jumping 11.4 percent in the previous month.

By industry, the movements were: . consumables, up NZ$265 million (13 percent) . durables, up NZ$55 million (4.2 percent) . motor vehicles (excluding fuel), down NZ$5.6 million (2.9 percent) . apparel, down NZ$61 million (21 percent) . fuel, down NZ$107 million (19 percent) . hospitality, down NZ$192 million (18 percent).

Spending in the core retail industries, which excludes the automotive industry, advanced an annual 1.4 percent.

The total value of electronic card spending, including the two non-retail categories (services and other non-retail) was down NZ$411 million (5.3 percent) compared with August 2019.

The non-retail (excluding services) category was down $313 million (16 percent). This category includes medical and other health care services; travel and tour arrangement services; postal and courier delivery services; and other non-retail industries.

The services category was down NZ$52 million (16 percent). This category includes repair and maintenance and personal care, funeral, and other personal services.

Cardholders made 144 million transactions across all industries in August 2020, with an average value of NZ$51 per transaction. The total amount spent using electronic cards was NZ$7.3 billion.

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