No Rugby World Cup boom in latest card stats

Photo / Steven McNicholl

New Zealanders and visitors to the country spent slightly more on their credit and debit cards last month, said Statistics New Zealand.

The value of total electronic card transactions in New Zealand was up 0.2 per cent from the month before, led by a 0.6 per cent rise in the value of core retail transactions.

Statistics NZ business statistics manager Louise Holmes-Oliver said the Rugby World Cup had not yet appeared to have given a boost to electronic card spending.

"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."

The sports tournament has been heralded as a boon for retailers who have been struggling over the past couple of years amid tepid demand for consumer goods. Instead of using record-low interest rates to buy big ticket items, New Zealand households have been repaying debt.

The RWC is expected to inject some $700 million into the economy, though it's unclear what the actual net benefit will be.

The largest increase in the seasonally adjusted numbers was the value of fuel transactions, which was up 2.9 per cent - the largest increase since October last year, when GST and fuel taxes increased.

Core retailing was up in all four industry groups, following dips in August.

"What we're seeing is that core retail transactions are still on an upwards trend, but that growth has slowed since April," said Holmes-Oliver.

Trends for the value of retail transactions and total transactions had been increasing since the start of 2009, she said, but have flattened in recent months.

- NZ HERALD ONLINE/BUSINESSDESK