Return to growth

visa-mastercard-credit-card-amexThe value of spending rose 1.49 per cent year on year for the week ending March 8, according to BNZ MarketView report, which tracks electronic transactions across the BNZ network.

This figure is marginally above the 1.33 per cent rise for the last 12 months, and represents a return to steady growth this week.

Storetypes with the largest rises in spending this week were recorded music, up 8.4 per cent; sports and camping equipment, up 7.6 per cent; and takeaways, up 4.6 per cent.

Despite not featuring in the top thee storetypes, the overall rise in retail spending this week was largely impacted by supermarkets and dairies, which saw 4.5 per cent growth.

These stores accounted for 29.5 per cent of all spending this week. The rise is interesting to look at in conjunction with the price of food. For the year ending February 2015, the price of food has risen by 1.5 per cent, whereas spending at these retailers is up 4.1 per cent, says BNZ’s Michael Stechman.

“Whether its consumers looking for the top quality brands or simply buying more of their regular products, consumption is up and the retailers should be licking their lips,” he said.

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