Retail spending rises 1.1%

Monday 10th August 2009

New Zealand retail spending edged up 1.1% in July from the same month of 2008, according to data from eftpos transactions company Paymark.

Some $3.48 billion was spent across the Paymark network last month, with stronger sales in Auckland, Bay of Plenty and Marlborough, the company said in a statement. Spending at petrol stations was down 20%, which is weighing on all-sector growth, it said.

The pick-up may add to evidence of the so-called green shoots emerging in the economy, Paymark chief executive Simon Tong said.

Spending at footwear stores jumped 24% in July from the same month last year, while spending at liquor stores rose 20%. Spending on furniture fell 4% and spending on appliances dropped 1%, suggesting consumer appetite for big ticket items remains weak.

Paymark processes more than 60% of New Zealand’s retail electronic transactions, according to its statement.

The NZSE Consumer Index, which includes retailers listed on the NZX, rose 0.7% and has gained 7.8% in the past month.

Businesswire.co.nz

Comments from our readers

No comments yet