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Financial News: New Zealand Electronic Spending Rises 1.2% In July

New Zealand Electronic Spending Rises 1.2% In July

08/10/2020 - 19:27:00 (RTTNews)

(RTTNews) - The total value of credit card spending in New Zealand added a seasonally adjusted 1.2 percent on month in June (1.1 percent unadjusted), Statistics New Zealand said on Tuesday.

That was well shy of expectations for a gain of 13.8 percent following the 16.3 percent jump in June.

On a yearly basis, credit card spending climbed 11.4 percent after rising 8.0 percent in the previous month.

"For a third consecutive month, card spending on the long-lasting goods (durables) remained at higher levels than last year, after falling sharply during April's COVID-19 lockdown when stores were shut," retail statistics manager Kathy Hicks said.

Spending in the retail industries was up 11 percent on year or NZ$610 million, while spending in the core retail industries (which excludes the automotive industry) climbed an annual 13 percent or NZ$616 million.

By industry, the movements were: durables, up NZ$259 million (20 percent); consumables, up NZ$245 million (12 percent); hospitality, up NZ$62 million (5.9 percent); apparel, up NZ$49 million (17 percent); motor vehicles (excluding fuel), up NZ$38 million (21 percent); and fuel, down NZ$44 million (7.9 percent).

The total value of electronic card spending, including the two non-retail categories (services and other non-retail) was up NZ$474 million (6.3 percent) compared with July 2019.

The non-retail (excluding services) category was down NZ$161 million (8.6 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 up NZ$25 million (7.8 percent). This category includes repair and maintenance and personal care, funeral, and other personal services.

Cardholders made 160 million transactions across all industries in July 2020, with an average value of NZ$50 per transaction. The total amount spent using electronic cards was NZ$8 billion.

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