New Zealand Retail Card Spending Growth Accelerates In December

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New Zealand retail card spending growth accelerated in December driven by higher spending on groceries, furniture and electronics, Statistics New Zealand reported Tuesday.

Total retail card spending grew 3.5 percent year-on-year, which was faster than the 1.4 percent annual growth posted in November.

At the same time, actual card spending using electronic cards climbed 4.3 percent or NZ$20 billion.

Retail spending rose in four of the six industries in December. Spending on groceries and liquor had the largest retail industry rise, up 7.5 percent. Spending on long-lasting goods advanced 6.7 percent.

“The continued spending on groceries and liquor coincides with the first month of the summer holidays,” retail statistics manager Craig Liken said.

Meanwhile, spending on hotels, motels, and other accommodation was down 32 percent due to the restrictions on international travel amid global pandemic.

The material has been provided by InstaForex Company – www.instaforex.com

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