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Card spending solid during 2016

visa-mastercard-credit-card-amexConsumer spending through EPTOS/debit and credit cards continued to grow in 2016, according to electronic payments company Paymark, who has released data from more than 1.2 billion transactions in the last twelve months.

Paymark recorded underlying spending growth of 6.6 per cent between December 2015 and December 2016, with total transaction value for the Christmas month totalling NZ$5.96 billion.

Hawke’s Bay recorded the highest underlying growth during December at 10.9 per cent, with accommodation, food and electrical goods emerging as favourites amongst shoppers.

Over the entire twelve month period, NZ$57.4 billion in goods were transacted, marking the fourth year of consecutive growth for EPTOS/debit and credit card transactions in New Zealand.

The data translates to 255 transactions per person with an average NZ$12,230 spent per person over the year – representing an average transaction growth rate of 6.1 per cent per person.

The most successful sectors were supermarkets and grocery stores, followed by food and beverage services and fuel retailing. However, clothing, foodwear and person accessories suffered a below-average year, experiencing underlying growth of only 3.7 per cent.

Paymark notes that there was a dip in furniture and home ware in the third and fourth quarters, which it says is something to look out for in 2017.

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