NZ credit card spending falls 0.6 percent in May

Credit card billings in New Zealand shrank in May, a month when total spending on electronic cards advanced on increased purchases of fuel, food and liquor and hospitality.

Total billings in New Zealand shrank a seasonally adjusted 0.6 percent to $2.74 billion in May, according to Reserve Bank figures. Of that, domestic billings on local cards declined 0.5 percent to $2.53 billion, while foreign issued cards contributed $212 million. Overseas billings on New Zealand issued cards dropped 1.1 percent to $364 million.

The credit card figures come after Statistics New Zealand data showed a 0.5 percent increase on credit, debit and store cards in May, with fuel, consumables and hospitality capturing most of the gains.

Today's data show total credit card advances outstanding at $5.63 billion, up 0.2 percent on the month, and 0.3 percent higher than a year earlier.

New Zealand's consumers are still relatively upbeat about the economy, with confidence edging up from an already elevated level in an ANZ-Roy Morgan survey released last week.

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Tourist numbers perk up in August as Aussies more than offset declining Asian demand
Peters to unions: strikes not helpful; no word on Fair Pay Agreements
Oil and gas critical to global emissions reduction effort - BP
Ebos pays A$34m for medical devices businesses
House price inflation ticks higher as sales volumes recover
Fletcher in $31 mln dispute with ministry over Greymouth hospital
NZ dollar eases as markets fret about US-China trade talks
15th October 2019 Morning Report
CTU pressures govt for Fair Pay Agreements
NZ Rugby not ready for a seat at Sky board table