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Financial News: New Zealand Electronic Retail Card Spending Rises 1.0%

New Zealand Electronic Retail Card Spending Rises 1.0% In October

11/08/2022 - 17:00:00 (RTTNews)

(RTTNews) - The value of electronic retail card spending in New Zealand was up a seasonally adjusted 1.0 percent on month in October, Statistics New Zealand said on Wednesday - slowing from the downwardly revised 1.3 percent gain in September (originally 1.4 percent).

By spending category, the movements were: durables, up NZ$46 million (2.8 percent); consumables, up NZ$23 million (0.9 percent); motor vehicles (excluding fuel), up NZ$12 million (6.0 percent); fuel, up NZ$5.5 million (0.9 percent; and apparel, up NZ$1.3 million (0.4 percent).

On a yearly basis, electronic retail spending jumped 16.6 percent - slowing from 28.6 percent in the previous month.

In actual terms, cardholders made 165 million transactions across all industries in October 2022, with an average value of NZ$55 per transaction. The total amount spent using electronic cards was NZ$9.1 billion.

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