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NZ credit, debit spending falls 0.8 percent in July

Friday 10th August 2012

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New Zealanders' credit and debit card spending fell in July, snapping three months of gains, as kiwis cut down on how much they spent at bars and restaurants in what's traditionally the year's coldest month.

The seasonally adjusted value of total transactions declined 0.8 percent to $5.5 billion, according to Statistics New Zealand. Spending on hospitality shrank 3.4 percent to $617 million, ending four months of rising bills at bars and restaurants.

Spending on apparel fell 1.5 percent to $277 million, while durable goods dropped 0.9 percent to $1.01 billion and consumables declined 0.4 percent to $1.51 billion. Core retail spending, which strips out vehicle related expenditure, fell 1.5 percent to $3.42 billion.

The figures come a day after an ANZ Roy Morgan survey showed consumers grew more optimistic this month, with the number of people thinking it's a good time to buy a big ticket item still outweighing those who don't.

Card spending on fuel rose 0.4 percent to $619 million, while other vehicle related expending increased 0.2 percent to $113 million.

Credit and debit card spending on services advanced 0.5 percent to $174 million, and expenditure on non-retail industries shrank 1.6 percent to $1.17 billion.

Unadjusted spending on electronic cards advanced 1.8 percent to $5.33 billion in July.

BusinessDesk.co.nz

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