Weekly spend still sluggish

christmasConsumer spending was still down for the week ending December 14, likely impacted by the lack of summery weather and the timing of Christmas day, reported Marketview.

Compared with the same period in 2013, spending on BNZ credit and debit cards was down by 1.2 per cent, with the last 30 days down by a similar margin.

Transaction volumes, which provide a more accurate measure of activity, are also down compared with 2013.

The slow start to summer has impacted the Christmas spirit, along with the timing of Christmas, which falls on a Thursday this year.

Marketview expects that the weekend of December 20 will prove to be a busy one for Christmas shopping.

The report also expects to see increased spending in the days following Christmas, with people spending their cash and gift cards received as gifts.

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