Card spending on the rise

credit cardSpending on electronic cards continues to hum along, with a 0.6 per cent lift in October, according to the latest Westpac economics data.

The lift comes after the sizeable 2.1 per cent gain in September, and leaves spending up a solid 4.2 per cent over the past year.

Gains in spending were widespread in October.

Notably, there was a 1.1 per cent rise in hospitality spending, which followed last month’s 2.7 per cent gain, and points to ongoing strength in the tourism sector according to Westpac.

There were also solid gains in non-store retailing, spending on consumables, and spending on fuel, likely reflecting the increase in petrol prices.

Westpac said today’s figures add to the increasingly positive picture for New Zealand households, with the healthy spending being supported by a range of factors including low interest rates, strong population growth, and strength in house prices.

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.