Monday 14th January 2013 |
Text too small? |
Christmas shoppers used plastic cards to spend up on pretty much everything except fuel, according to Statistics New Zealand.
The value of electronic card spending in retail industries rose 0.3 percent in December from November. It was the third consecutive monthly increase.
The value of total electronic card transactions rose by 0.4 percent in December.
The data suggested a more healthy retail environment at the end of 2012, ASB economists said.
"A trend of gradually improving retail spending poses little concern to the Reserve Bank of New Zealand's inflation outlook, and consumer spending for now remains constrained by high levels of household debt and a somewhat soft labour market," Daniel Smith, an economist at ASB Institutional, said.
He expects the official cash rate to remain on hold until December 2013.
Fuel was the only industry in which the value of transactions fell, down 3.5 percent in December compared with November.
Transactions for core retailing, excluding motor vehicle-related industries, increased 0.5 percent in December.
Electronic purchases of consumables rose 0.8 percent, more than the 0.6 percent rise in durables.
Electronic transactions make up about 65 percent of retail spending.
In unadjusted terms there were 122 million transactions in December with an average value of $56.
BusinessDesk.co.nz
No comments yet
2025 Annual Shareholders' Meeting and Director Nominations
Meridian Energy monthly operating report for July 2025
August 15th Morning Report
VGL upgrades aspirations, accelerates to meet client demand
August 14th Morning Report
VHP - Focus on Fundamentals: Driving Operational Performance
August 13th Morning Report
Devon Funds Morning Note - 12 August 2025
Spark announces sale of 75% of data centre business
Blackpearl Announces $15M Capital Raise & Market Update