Sharechat Logo

Paymark points to slight rise in spending in March quarter

Monday 8th April 2019

Text too small?

Retail sales using electronic cards lifted in the March quarter but remain below the average of the past five years, according to data from Paymark, which accounts for more than 75 percent of the country's electronic transactions.

Spending rose a seasonally adjusted 0.9 percent versus the December quarter and was up 1.3 percent when spending at fuel merchants is excluded, Paymark said. Both rates, however, are below the average of the previous five years of 1.4 percent and 1.5 percent respectively. 

“A slower growth momentum exists at present,” says Darren Hopper, head of e-commerce, digital experience and marketing at Paymark. “The monthly spending pattern can be volatile, as has been the case in the last six months. So too have the quarterly figures of late, but a clear pattern has emerged of spending growth having decelerated," he said.

In March, spending through the Paymark network totaled $5.3 billion, up 2.5 percent versus March 2018 in underlying terms. The underlying data excludes large clients moving to or from Paymark.  The strongest lift versus March 2018 was in Palmerston North, followed by Gisborne and Wanganui. 

Stats NZ will publish electronic card transaction data for March on Friday.

Westpac Bank is expecting that data to show a 0.4 percent lift after a 0.9 percent lift in February. "Recent increases in petrol prices will dampen spending in other areas. There has also been softness in the housing market that will dampen spending appetites. On top of those factors, March saw a softening in consumer confidence," it said. 

(BusinessDesk)



  General Finance Advertising    

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.

Related News:

RBNZ expected to keep OCR at 1% but leave door open to more easing
Watch for signs of domestic and global corporate health this week
ANALYSIS: Govt will have to pay up for high-rise and other construction
23rd September 2019 Morning Report
RBNZ needs more resources, not more powers: Bascand
NZ dollar hovers near 4-yr low after IMF says downside risks have increased
MARKET CLOSE: NZ shares gain; index reweighting drives heavy trading in Kiwi, Kathmandu
NZ dollar sags after avalanche of data and central bank action
Fonterra board starts planning chair succession
Fulton Hogan keeps Australian civil construction unit

IRG See IRG research reports