New Zealand December Credit Card Spending Gains 0.1%

(RTTNews) - The total value of credit card spending in New Zealand added a seasonally adjusted 0.1 percent on month in December, Statistics New Zealand said on Thursday - easing from the 0.2 percent gain in November.

Retail credit card spending slipped 0.2 percent on month - well shy of expectations for an increase of 0.5 percent and down from the downwardly revised 0.2 percent in the previous month (originally 0.3 percent).

Retail spending using electronic cards reached a record NZ$6.0 billion in December 2015, up NZ$304 million (5.3 percent) from December 2014.

"While card spending was up in five of the six retail industries in December, a significant fall in the durables industry has lowered overall card spending in the retail sector," business indicators manager Clara Eatherley said.

The largest retail movements in December were durables, down NZ$21 million (1.8 percent); and hospitality, up NZ$13 million (1.6 percent).

Credit card transactions in the core retail industries _ which exclude vehicle-related industries - were down 0.4 percent on month following a 0.3 percent rise in November.

Trends for the total, retail, and core retail series have generally been rising since these series began in October 2002, the bureau said, but they appear to be easing in recent months.