Overall credit card spending in New Zealand slipped a seasonally adjusted 0.8 percent on month in August, Statistics New Zealand said on Friday.
That missed expectations for an increase of 0.2 percent following the 0.4 percent gain in July.
Total retail spending using electronic cards was NZ$4.7 billion in August, up NZ$166 million (3.7 percent) from a year earlier.
Of the six retail industries, the only decrease was in the fuel industry, down NZ$36 million (6.1 percent).
"The lower fuel price means people are spending less at the pumps," business indicators senior manager Neil Kelly said. "This month's petrol price was around 20 cents less a litre than it was in August last year."
Retail credit card spending was down 0.4 percent – also shy of forecasts for an increase of 0.3 percent following the downwardly revised 0.2 percent gain in the previous month (originally 0.3 percent).
Five of the six retail industries fell, while one remained unchanged. The largest decreases were for hospitality, down NZ$14 million (1.5 percent); and consumables, down NZ$8.1 million (0.5 percent).
The decreases for these two industries follow increases in spending in recent months. The hospitality industry includes accommodation, bars, cafes and restaurants, and takeaway retailing. The consumables industry includes grocery and liquor retailing.
Transactions in the core retail industries (which exclude vehicle-related industries) declined 0.6 percent after a 0.6 percent increase in July.
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
