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Financial News: New Zealand Electronic Retail Card Spending Jumps 1.9%

New Zealand Electronic Retail Card Spending Jumps 1.9% In May

06/09/2022 - 18:53:00 (RTTNews)

(RTTNews) - The value of electronic retail spending in New Zealand was up a seasonally adjusted 1.9 percent on month in May, Statistics New Zealand said on Friday - slowing from the upwardly revised 7.1 percent spike in April (originally 7.0 percent).

Individually, card spending for fuel was up NZ$51 million (8.9 percent); apparel, up NZ$22 million (6.8 percent); consumables, up NZ$7 million (0.3 percent); durables, up NZ$4 million (0.2 percent); and motor vehicles, up NZ$1 million (0.6 percent).

On a yearly basis, electronic retail card spending added 0.7 percent - down from 2.1 percent in the previous month.

In actual terms, cardholders made 152 million transactions across all industries in May 2022, with an average value of NZ$56 per transaction. The total amount spent using electronic cards was NZ$8.4 billion.

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