In October, retail charges for electronic cards increased as petrol prices rose to record levels, increasing fuel consumption. However, this was largely offset by a reduction in payments for vehicles and clothing.
Seasonally adjusted total retail charges for credit and debit cards increased by 0.1 percent between September and October, following a September increase of 1.1 percentage points, according to New Zealand statistics. Quarterly retail spending excluding car-related industries was low, after rising by 1.1% in September.
"The quiet October retail card expense rose by more than 1 percent in both September and August," retail statistics manager Sue Chapman in a statement.
"Most retail sectors in October showed more peaceful results, with the exception of the fuel industry," said Chapman. "The gasoline price for the pump reached record highs in October, then began to decrease by the end of the month."
Today's data shows that card expiration increased in four of the six retail sectors in October. Fuel costs increased by 1.4%, while seasonally adjusted durable goods increased by 0.4% per month. Expenditure on clothing, such as clothing, footwear and accessories, fell by 1.2 percent.
However, compared to 2017, card expense was strong. Total retail spending, using electronic cards of $ 5.5 billion in October, was 6.2 percent higher than in the same month last year.
Holders of all sectoral cards have provided 150 million transactions per month, while in September they increased by 143 million. The average value for each transaction in October increased to $ 49, while in September it was $ 48.
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