Slow and steady week

smartpay, card, payment, POS, contactlessThe week ending 22 February proved to be an uneventful week for retail across New Zealand, according to BNZ MarketView’s report on electronic transactions.

Sales moved upwards by just 0.4 per cent over the same week last year, well down on what retailers have become accustomed to over the last 30 days, during which spending was up 2.3 per cent over the comparative 30 day period.

Growth came from other food at 7.1 per cent, takeaway at 3.3 per cent and sports and camping equipment at 3.1 per cent growth.

The past three weeks have seen six rises in fuel price, ending the golden summer of cheap fuel has come to an end. The current price of fuel is up nine per cent on the price of three weeks ago. Consumers have also increased their fuel spending by an almost exact same figure from three weeks ago, 9.1 per cent, suggesting the latest price hikes have done little to dissuade drivers.
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