Tuesday 10th August 2010 |
Text too small? |
New Zealand spending on debit and credit cards stalled last month as expenditure on fuel fell 3.1%.
The value of total electronic card transactions edged down a seasonally adjusted 0.2% in July, according to Statistics New Zealand, ending five months of growth. Still, core retail spending, which excludes motor vehicle-related buying, rose 0.7% as people spent more on food, liquor and chemist retail items.
Consumer confidence has taken a dent, with the ANZ Roy Morgan survey showing consecutive declines in the past two months as people feel worse off than they did a year ago.
That comes as the unemployment reversed its decline last quarter, with the rate rising back to 6.8% in the three months through June from 6% in the March quarter. It had previously reported its biggest quarterly drop from a revised 6.8% in the December period.
Credit card use continued to fall as a proportion of card spending, dropping to 43.9% of transactions, the lowest level since the series began. Still, Credit card billings rose 2.6% in June from the same month a year ago, according to Reserve Bank data.
The retail trade survey for June is released on Friday. Spending on electronic cards accounts for about 61% of all retail spending, and excludes cash and cheque purchases and hire purchase arrangements.
Businesswire.co.nz
No comments yet
Devon Funds Morning Note - 06 May 2024
EROAD FY24 Results and Webinar Details
thl reduces FY24 NPAT guidance
May 6th Morning Report
Spark New Zealand appoints new director to the Spark Board
AFT to announce full year results on May 23 2024
CRP - Korella North Takes Another Two Steps Forward
May 3rd Morning Report
ASB workers to strike as bank proposes an effective pay cut
Rising tides, sinking stocks: study explores cost of climate change