NZ electronic spending dips 0.8pc in July

Photo / Thinkstock
Photo / Thinkstock

New Zealanders' credit and debit card spending fell in July, snapping three months of gains, as kiwis cut down on how much they spent at bars and restaurants in what's traditionally the year's coldest month.

The seasonally adjusted value of total transactions declined 0.8 percent to $5.5 billion, according to Statistics New Zealand. Spending on hospitality shrank 3.4 per cent to $617 million, ending four months of rising bills at bars and restaurants.

Spending on apparel fell 1.5 per cent to $277 million, while durable goods dropped 0.9 per cent to $1.01 billion and consumables declined 0.4 per cent to $1.51 billion. Core retail spending, which strips out vehicle related expenditure, fell 1.5 per cent to $3.42 billion.

The figures come a day after an ANZ Roy Morgan survey showed consumers grew more optimistic this month, with the number of people thinking it's a good time to buy a big ticket item still outweighing those who don't.

Card spending on fuel rose 0.4 per cent to $619 million, while other vehicle related expending increased 0.2 percent to $113 million.

Credit and debit card spending on services advanced 0.5 per cent to $174 million, and expenditure on non-retail industries shrank 1.6 per cent to $1.17 billion.

Unadjusted spending on electronic cards advanced 1.8 per cent to $5.33 billion in July.

- BusinessDesk

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