Spending on cars falls $4m

Spending on vehicles dropped by $4 million, or 1.6 per cent, in November when compared with the previous month, according to the latest data from Stats NZ.

The seasonally adjusted figures show retail card spending on vehicles hit $207 million last month. This was down from $211m in October but up by $1m, or 0.5 per cent, from November last year.

It was also the third-highest monthly spend in 2022, only topped by October and the $208m recorded in January.

Overall, retail card spending increased by $21m, or 0.3 per cent, from October to November this year, when adjusted for seasonal effects.

The increase largely came from spending on consumables such as groceries and liquor, which were up $16m, or 0.6 per cent.

At the opposite end of the scale, the amount splashed out on durable items such as furniture, hardware and appliances had the biggest last month, plunging $18m, or 1.1 per cent.

Of the six retail industries covered, vehicles had the second largest drop in November.

The amount spent on fuel rose by 1.1 per cent last month to $613m, compared with $607m in October.

Ricky Ho, business performance manager at Stats NZ, says the rising cost of living in recent months has seen people spending more on essentials like groceries and less in other sectors. 

In actual terms, total card spending across all industries was $9.3 billion last month, up $885m or 10.5 per cent, from November 2021.