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Financial News: New Zealand June Electronic Retail Card Spending Adds

New Zealand June Electronic Retail Card Spending Adds 0.1%

07/10/2022 - 19:15:00 (RTTNews)

(RTTNews) - The value of electronic retail card spending in New Zealand rose a seasonally adjusted 0.1 percent on month in June, Statistics New Zealand said on Monday - down from the 1.8 percent increase in May.

By spending category, the movements were: fuel, up NZ$18 million (2.9 percent); apparel, down NZ$0.4 million (0.1 percent); consumables, down NZ$6.5 million (0.3 percent); durables, down NZ$10 million (0.6 percent); and motor vehicles (excluding fuel), down NZ$3.3 million (1.6 percent).

Spending in the core retail industries fell 0.3 percent on quarter.

On a yearly basis, retail card spending was up 1.9 percent, accelerating from 0.7 percent in the previous month.

Cardholders made 148 million transactions across all industries in June 2022, with an average value of NZ$56 per transaction. The total amount spent using electronic cards was NZ$8.2 billion.

For the second quarter of 2022, spending in the retail industries rose NZ$648 million (3.8 percent), while spending in the core retail industries rose NZ$739 million (5.0 percent).

By industry, the movements were: apparel, up NZ$110 million (12.1 percent); fuel, up NZ$59 million (3.5 percent); consumables, up NZ$89 million (1.2 percent); durables, up NZ$10 million (0.2 percent); and motor vehicles (excluding fuel), up NZ$0.5 million (0.1 percent).

The non-retail (excluding services) category was up NZ$734 million (15 percent) and the services category was up NZ$65 million (7.0 percent).

The total value of electronic card spending, including the two non-retail categories (services and other non-retail) rose by NZ$534 million (2.4 percent) compared with the March 2022 quarter.

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