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Financial News: New Zealand Retail Electronic Spending Surges 79% In

New Zealand Retail Electronic Spending Surges 79% In May

06/10/2020 - 19:15:00 (RTTNews)

(RTTNews) - Retail credit card spending in New Zealand was up a seasonally adjusted 79 percent on month in May, Statistics New Zealand said on Thursday.

That followed the Covid-19 pandemic-induced 46.8 percent monthly plunge in April.

On a yearly basis, retail credit card spending was down 6.0 percent after plummeting 47.6 percent in the previous month. Spending in the core retail industries fell 2.5 percent on year.

The total value of electronic card spending, including the two non-retail categories (services and other non-retail) was down NZ$1 billion (13 percent) on year.

Cardholders made 116 million transactions across all industries in May 2020, with an average value of NZ$58 per transaction. The total amount spent using electronic cards was NZ$6.7 billion.

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