Vehicle spending edges higher

Spending on vehicles rose by just $1 million, or 0.7 per cent, last month compared with December when adjusted for seasonal effects, according to new figures from Stats NZ.

It meant the amount splurged on the industry using retail cards in January totalled $203m, which was also down from the $208m recorded in the same month of 2022.

In actual terms, retail card spending on vehicles came in at $195m last month for a year-on-year drop of $3m, or 1.3 per cent.

The figure for last month was also down from $223m of actual spending in December and the lowest monthly total since April last year, when it clocked $190m.

Seasonally adjusted retail card spending across all industries rose $171m, or 2.6 per cent, last month compared with December, says Stats NZ.

The increase was led by an $80m, or 5.1 per cent, increase in the durables category, which includes items such as furniture, hardware and appliances.

For fuel, the total slipped $14m, or 2.5 per cent to $562m over the same period.

In actual terms, the total splashed out with electric cards on retail climbed $169m, or 2.7 per cent, last month compared with January 2022.