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Financial News: New Zealand Retail Electronic Card Spending Climbs 0.9%

New Zealand Retail Electronic Card Spending Climbs 0.9% In March

04/12/2021 - 19:49:00 (RTTNews)

(RTTNews) - The value of retail electronic card spending in New Zealand advanced a seasonally adjusted 0.9 percent on month in March, Statistics New Zealand said on Tuesday.

That followed the 2.5 percent drop in February.

Spending in the core retail industries rose 0.7 percent on month.

"Despite spending constraints for the first week of March due to Auckland's return to alert level 3 lockdown, card sales rebounded from a lackluster February," retail statistics manager Kathy Hicks said. "Recent monthly falls in the consumables sector reflect the softer growth in this industry following the much higher spending levels seen since the COVID-19 outbreak in March 2020."

On a yearly basis, retail card spending jumped 5.1 percent after sinking 5.3 percent in the previous month.

The total value of electronic card spending, including the two non-retail categories (services and other non-retail) increased by NZ$152 million (2 percent) compared with February.

By industry, the movements were: durables, up NZ$29 million (1.8 percent); motor vehicles (excluding fuel), up NZ$7.9 million (4.1 percent); fuel, up NZ$5.8 million (1.1 percent); apparel, down NZ$7.5 million (2.4 percent); and consumables, down NZ$74 million (3.3 percent).

Cardholders made 159 million transactions across all industries in March 2021, with an average value of NZ$50 per transaction.

For the first quarter of 2021, spending in the retail industries fell NZ$330 million (1.9 percent) on quarter and spending in the core retail industries fell NZ$359 million (2.4 percent).

By industry, the movements were: durables, up NZ$70 million (1.5 percent); motor vehicles (excluding fuel), down NZ$16 million (2.7 percent); fuel, down NZ$32 million (2.0 percent); apparel, down NZ$63 million (6.2 percent); and consumables, down NZ$92 million (1.4 percent).

The non-retail (excluding services) category was down NZ$155 million (3.1 percent) and the services category was down NZ$19 million (2 percent).

The total value of electronic card spending, including the two non-retail categories (services and other non-retail) fell by NZ$387 million (1.7 percent) compared with the December 2020 quarter.

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