Spending on cars stable

Retail card spending on vehicles remained stable last month, with the seasonally adjusted figure of $208 million only up by $1m, or 0.6 per cent, when compared with April this year.

It was, however, the second-best month of 2022 for the sector and was only eclipsed by the $209m splashed out by consumers in January, according to Stats NZ.

The actual amount spent on vehicles in May using electronic cards was $205m, which was down 0.6 per cent from $206m a year ago.

Of all the retail industries, fuel made the biggest gain in May as the $622m spent was an increase of $51m, or 8.9 per cent, from the month prior.

Overall, seasonally adjusted card spending climbed $123m, or 1.4 per cent, over the same period, making it the third consecutive monthly rise.

The total actual spending last month was $8.4 billion, up 3.1 per cent compared with May 2020.