NZ retail spending rose 4.8% in March, based on Paymark figures

Monday 12th April 2010

New Zealanders spent more on their debit and credit cards last month, based on figures from Paymark, which may indicate a continued improvement in the retail sector.

The value of transactions across Paymark’s network rose 4.8% to $3.7 billion in March from the same month of 2009, the fastest pace since October 2008, the company said in a statement today. The volume of transactions climbed 7.1% to 74.5 million.

The Paymark figures are the first leg of a retail data trifecta this week, with Statistics New Zealand scheduled to release electronic card transactions for March tomorrow and full retail sales for February on Wednesday. Retail sales growth probably stalled in February after a 0.8% gain in January, according to a Reuters survey. Excluding autos, sales rose a seasonally adjusted 0.2%.

“While some New Zealand retail outlets are experiencing steady growth, others are still finding their feet,” Paymark chief executive Simon Tong said in a statement. “We’ve got a way to go before we’re back on track.”

For the second month in a row, provincial centres outperformed major cities. Gisborne recorded the biggest jump in value of transactions, at 12.1%, with South Canterbury’s sales climbing 11%, while Auckland and Northland managed 4.3% and Wellington 3.4%.

Paymark, formerly Electronic Services, processes over 75% of all electronic transactions in New Zealand on behalf of more than 50 card issuers.

The volume of sales over the four-day Easter weekend climbed 5.4% from the same month of 2009.

Businesswire.co.nz

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