Retail card spending rises in November

(Source: Bigstock)

Retail card spending rose 0.3 per cent month on month, or by $21 million, in November, after allowing for seasonal adjustments, according to Stats NZ.

The increase was largely driven by consumables such as groceries and liquor, up 0.6 per cent or by $16 million.

Fuel sales improved by 1.1 per cent or $6.8 million while apparel sales climbed marginally by 0.8 per cent or $2.8 million. Durable sales fell 1.1 per cent or by $18 million.

The total value of electronic card spending fell in November for the first time in four months, down 0.4 per cent or by $38 million – largely due to the decrease in spending on durable items.

“In recent months, the rising cost of living has seen people spending more on essentials like groceries, and less on durables like furniture and appliances,” said Stats NZ business performance manager, Ricky Ho.

Though the effects of Covid haven’t fully waned off on tourism, spending in the hospitality industry increased 43.6 per cent or $368 million year-on-year.

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