Spending on vehicles bounces back

Retail card spending on motor vehicles climbed by $1.5 million, or 0.7 per cent, last month, when compared with the levels seen in September.

The latest seasonally adjusted figures from Stats NZ show the sector had the biggest month-on-month increase in percentage terms after climbing to $209m.

It also marked a reversal in fortunes from the August-to-September period when the amount of cash splashed in the market dropped by about $2.3m, or 1.2 per cent.

Looking at the annual performance, October’s total for electronic card transactions in the automotive market was down from $211m in the same month of 2022.

Spending on fuel recorded the biggest month-on-month climb in dollar terms, rising by $2.5m, or 0.4 per cent, to $581m in October.

The performance of the motor vehicles and fuel categories couldn’t stop overall spending in the retail industries dropping by $44m, or 0.7 per cent, over the same timeframe.

The numbers show apparel was down $7.1m and 2.1 per cent, consumables fell $7.8m and 0.3 per cent, while durables tumbled by $18m, or 1.1 per cent.

The total value of electronic card spending last month, including non-retail categories, decreased from September by $23m, or 0.3 per cent.

In actual terms, cardholders made 165 million transactions across all industries in October, with an average value of $55 per transaction. The total amount spent using electronic cards was $9.1 billion.