New Zealand Overall Credit Card Spending Steady In December

(RTTNews) - The total value of overall credit card spending in New Zealand was roughly flat on a seasonally adjusted basis in December, Statistics New Zealand said on Friday.

That followed the 0.3 percent contraction in November.

Retail credit card spending was up 0.1 percent on month, missing forecasts for an increase of 1.0 percent but up from the 0.1 percent decline in the previous month.

Total retail spending using electronic cards was NZ$6.5 billion in December 2016, up NZ$355 million (5.8 percent) from December 2015.

The largest industry increase came from hospitality, up NZ$126 million (13.4 percent).

"This is the first month card spending in hospitality exceeded $1 billion," business indicators manager Tehseen Islam said.

"The higher hospitality spending coincides with a period of rising international tourism and residents enjoying Christmas and New Year holiday breaks."

Seasonally adjusted card spending rose in three of the six retail industries. The largest movements in December were: fuel, up NZ$26 million (4.4 percent); and durables, down NZ$17 million (1.4 percent).

Spending in the core retail industries (which excludes the vehicle-related industries) fell 0.8 percent after a 0.5 percent fall in November.