Image Source: Suradech Prapairat, Shutterstock.com
Spending by electronic cards is growing in New Zealand, according to Stats NZ. According to the latest figures released by Stats NZ on Wednesday (9 November 2022), card spending was up by 1%, or NZ$88 million, in October compared with September 2022.
As per Stats NZ’s report, the total electronic card spending increased for the third month in a row , with retail card spending up by NZ$66 million, or 1%.
The total annual card spending in New Zealand was NZ$9.1 billion. According to Stats NZ, a total of 165 million transactions were made by cardholders in October 2022. The average value of each transaction was NZ$55.
Stats NZ measures electronic spending in retail and non-retail categories.
The services category was up by NZ$11 million, or 3.3%. This category includes repair and maintenance, personal care, and other personal services.
The highest spending in retail was led by durables, up by NZ$46 million or 2.8%, followed by consumables, up by NZ$23 million or 0.9%. Consumables include items like groceries, supermarkets, and liquor, while durables include items such as furniture, hardware, and appliances.
Further, spending on motor vehicles (excluding fuel) grew by NZ$12 million and fuel spending went up by NZ$5.5 million. The Stats NZ data revealed that spending on apparel also grew in October 2022, increasing by NZ$1.3 million from the previous month.
Spending in the hospitality industry increased by 45.9 % (NZ$398 million) between October 2021 and October 2022.
Non-retail spending, excluding services, grew by NZ$2.1 million in October 2022, up by 0.1% from the previous month.. This includes medical and other health care, travel and tour arrangements, and postal and courier delivery.
Spending on services, including repair and maintenance, personal care, funeral, and other personal services, was up by $11 million (3.3%).
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