Friday 10th March 2017
|Text too small?|
New Zealand seasonally adjusted retail spending on electronic cards fell in February, failing to continue January's gain.
Retail spending on credit and debit cards fell a seasonally adjusted 0.6 percent last month, after a 2.7 percent increase in January, the biggest monthly increase since January 2006, Statistics New Zealand said. Actual retail spending climbed 2.6 percent to $4.8 billion in February from the same month a year earlier, though February 2016 had an extra day of trading as it was a leap year.
"The fall in total card spending in February was driven by a lull in furniture, electronics, and department store purchases," business indicators senior manager Neil Kelly said.
The Reserve Bank is keeping a close watch on consumer spending after an unexpectedly strong gain in consumption through the second half of last year, and the New Zealand Institute of Economic Research has noticed people are more willing to fund retail purchases with debt.
Today's figures show core retail spending, which excludes vehicle-related industries, dropped 0.7 percent in February from January, with spending on durables - which includes furniture, hardware, electronics and pharmaceuticals - down 2.1 percent, turning around a 3.2 percent increase in that category in January. Hospitality spending fell 1.2 percent and apparel was down 3.3 percent.
Of the non-retail industries, non-retail excluding services dipped 1.3 percent from January while spending in the services industry rose 2.1 percent.
Spending on fuel rose 2.8 percent, while vehicle spending slipped 0.6 percent.
In actual terms, card-holders made 128 million transactions in February, down from 133 million in January, with an average value of $50.
NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.
No comments yet
Supplements, skincare firm poised for reverse listing
NZX, EEX eye carbon auction opportunity
A2 Milk boss steps down, shares fall 7.7%
NZX says operating earnings will reach top of guidance
NZ dollar consolidates weekly gain of more than a US cent
NZ dollar holds gains on improved dairy, bank capital outlook
MARKET CLOSE: NZ shares gain; banks rally on Reserve Bank capital decision
NZ dollar rises; bank capital rules less harsh than expected
RBNZ relaxes capital requirements, allows preference shares, extends phase-in
NZ dollar extends gain amid mixed US data, possible trade progress