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Growth in spending on electronic network slows in January

Monday 7th February 2011

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Growth in spending by shoppers using the electronic network operated by Paymark slowed in January, particularly on stormy days.

Annual growth in spending of 3.2% in January was down from 3.9% growth in December, and was the slowest rate since August 2010.

Paymark processes more than 75% of all electronic transactions in this country.

"The weaker figures appear to be a combination of wet weather and a general economic step-back," Paymark said.

Sales on January 23, when many regions experienced wild weather, were down 1.9% on the same trading day the previous year.

For the 14 days prior to this storm, the nationwide growth rate in spending averaged 4.1%.

People continue to use their own money, with credit card usage down 0.6%.

Takeaways, which saw a big increase in late December, had another spending upsurge in January with a year-on-year increase of 25%.

Hardware was also up 5% for the month.

The 3% growth in spending on clothing in January was down from 7% growth in November, while spending on accommodation has slowed to 2% growth year-on-year.



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