Retail spending and transaction volumes were significantly down in the week before Christmas, but saw a spectacular  turn around the following week.

According to BNZ’s MarketView report for the final two weeks of 2014, retail spending for the week ending December 21was down 4.9 per cent compared to the same week in 2013, while transaction volumes were down 1.7 per cent over the same period.

In contrast, for the week ending December 28, spending climbed to a massive 12 per cent compared to the same week in 2013, and transaction volumes were up 9.7 per cent over the same period.

The overall picture proves consumers left their Christmas spending to the few days before Christmas, opening their wallets to a spending frenzy culminating in the last three days immediately before Christmas Day.

Spending in the three days prior to Christmas grew 14.9 per cent compared to the same three days in 2013. The week pushed retail spending for the last 30 days of 2014 into the positives, up 0.83 per cent over the same period in 2013.

Only three store types measured by Marketview had a positive spending experience to the week ending 21 December; takeaways, bars/cafes and restaurants, but by margins less than they were accustomed to.

In strong contrast to the above slow week, in the period ending 28 December, all but two of the measured store types (appliances and footwear) experienced a rise in spending when compared to the same week in 2013 and, within this, there was double digit growth in exactly one half of the store types.