Spending up slightly in September
Kiwi and visitors spent slightly more on their credit and debit cards in September than August but the Rugby World Cup effect has yet to appear.
Kiwi and visitors spent slightly more on their credit and debit cards in September than August but the Rugby World Cup effect has yet to appear.
The seasonally adjusted value of total electronic card transactions rose 0.2% from August, led by a 0.6% lift in the value of core retail transactions, Statistics NZ said.
“At this stage, the Rugby World Cup doesn’t appear to have given a big boost to electronic card spending, SNZ business statistics manager Louise Holmes-Oliver said.
“However, the data doesn’t include cash sales or bank transfers and payments for things like accommodation, ticket sales and hire vehicles may have been made several months in advance.”
SNZ's electronic card transaction data is reported monthly and covers all debit, credit and charge card transactions with NZ-based merchants. The information can be used as an indicator of the change in the level of consumption expenditure and of economic activity in general.
In September data, released this morning, the largest increase in the spending groups measured was the value of fuel transactions – up 2.9% on August. This is the biggest lift since October 2010 (up 6.8%) when fuel excise duty rose 3c a litre and GST increased to 15% from 12.5%.
Core retailing (which excludes motor vehicle-related industries) was boosted by rises in all four industry groups (durables, consumables, hospitality, apparel), following falls in August. The largest lifts were in the durables and consumables with smaller increases in hospitality and apparel.
“Core retail transactions are still on an upwards trend, but that growth has slowed since April,” Mrs Holmes-Oliver said.
NBR staff
Tue, 11 Oct 2011
Tue, 11 Oct 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Spending up slightly in September
17304