Electronic card spending up 1.4%

Retail spending using electronic cards was $5.2 billion in November 2017, with swipe happy consumers spending 3.6 per cent more than they did in November 2016.

The motor-vehicle industry contributed to this month’s growth by 1.0 per cent or $2 million.

Electronic card transactions series covers all debit, credit and charge car transactions involving New Zealand merchants.

These statistics are a great indication as to what changes are happening in consumer spending and economic activity. 

When adjusted for seasonal effects, total retail card spending rose 1.4 per cent in November 2017 after a 0.7 per cent rise in October 2017, Statistics New Zealand said today.

The motor-vehicle industry contributed to this month’s growth by 1.0 per cent or $2 million, which is a healthy increase compared to November 2016 when the industry was down 2.5 per cent.

However, the boost came largely off the back of increased spending on fuel which was up $28 million, 5.0 per cent.

“Fuel prices reached a three-year high in November, contributing to the overall increase in retail card spending,” retail manager Sue Chapman said.

It was also the first time since January 2017, all six retail industries had increases from last month.

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