November 11, 2013

New Zealand credit card transactions in retail rose in October

The total value of credit card transactions jumped seasonally adjusted 1.1% in October 2013, compared to the previous month, Statistics New Zealand said.

By admin-demo

That follows the upwardly revised 0.3% monthly contraction in September, which was originally reported as -0.4%.

Retail credit card transactions were up 1.4% on month following the revised 0.9% decline in the previous month (originally -0.5%).

Commenting on the figures New Zealand industry and labor statistics manager Blair Cardno said October’s increase in core retail spending was the largest since records began in October 2002.

"Durables accounted for most of the extra spending, although shoppers did spend more in all six of the retail industries," Cardno added.

Durables gained NZ$46m ($37.8m), marking the largest increase since the series began and followed a decrease of NZ$35m ($28.8m) in September.

The durables series has been volatile in recent months, the bureau noted, but the trend has continued to increase steadily.

Spending in core retail – which excludes the motor vehicle-related industries – was up 1.8% in October 2013, following a decrease of 1.0% in September 2013.

In unadjusted terms, 116 million transactions were made across all industries in October, with an average value of NZ$51($41.9). The total amount spent across all transactions was $6bn.