The latest statistics from the retail sector is encouraging as the retail spending using cards increased by $389 million or by 7.3% to $5.7 billion in September 2020 as compared to September last year. With the ease in restrictions, the hospitality sector showed a 13% rise from August 2020. However, it is still lower than the September 2019 level by 4.9%.
Eating Out Recovers, But Accommodation Spending Remains Low: Stats NZ In September 2020 spending on accommodation dropped by 29 percent (NZD 54 million) as compared to September 2019. Pandemic induced restrictions have affected the hospitality sector, and accommodation is more impacted than restaurants, bars, and takeaways as monthly spending on eating out now look back in line with the previous year.
PaySauce Delivers Strong Growth in Second Quarter
PaySauce Limited (NZX: PYS) delivered strong growth in 2QFY21, with recurring revenue rising by 52% Y-o-Y to $519K. The company has also reported high performance in customer satisfaction and loyalty, with a Net Promoter Score (NPS) of 76. The company added 261 new clients in 2QFY21, up by 9% in the total customer base since June 30th, with the majority of the growth being organic.