New Zealand retail spending on electronic cards dropped 0.8% in September, the first decline since March. Source: AAP
NEW Zealanders’ retail spending on credit, debit and store cards dropped in September, the first decline since March, led by furniture, hardware, appliances and clothing.
Retail spending on electronic cards fell 0.8 per cent seasonally adjusted in September, the biggest decline since July last year, when spending fell one per cent, according to Statistics New Zealand.
Core retail sales, which exclude vehicle-related transactions, dropped one per cent, following a 1.1 per cent gain in August.
Durables, which include by furniture, hardware and home appliances, fell 3.4 per cent in the latest month, retracing a 3.3 per cent gain in August.
Apparel declined 1.5 per cent and hospitality slipped 0.3 per cent. Fuel fell 0.8 per cent and vehicles excluding fuel fell 1.7 per cent.
“Overall, the electronic cards data for the last three months are pointing to a slower pace of retail spending in the September quarter than in June, though underlying indicators of spending appetites, such as consumer confidence, remain at a fairly high level,” Felix Delbruck, senior economist at Westpac Banking Corp, said on Wednesday.
“Our forecast for retail volume growth in the September quarter is now 0.7 per cent, compared to 1.7 per cent in the June quarter.”
Total card spending fell 0.4 per cent last month, the same amount it rose in August.
The Daily Telegraph