Consumer spending in New Zealand grew by only 2.8 per cent year over year to $2.96 billion in September amid unfavourable economic conditions, accompanied by bad weather and the timing of school holidays, according to data from financial services provider Worldline.
Among the New Zealand regions listed, Whanganui witnessed the highest consumer spending growth at 10.3 per cent to $41 million during the month, while Auckland/Northland posted the least growth of 1.1 per cent to $1.09 billion.
“In New Zealand’s largest region, retail spending growth was meagre all month. In the rest of the country, growth was moderate for the first half of the month, then also slid to a lower rate for the second half,” said Bruce Proffit, chief sales officer at Worldline New Zealand.
“It is possible that a combination of continuing bad weather and the timing of school holidays were factors. There is also the possibility of a pre-election lull.”
Proffit added that low consumer confidence and rising petrol prices and interest rates are concerns among merchants. He also noted that the economy is struggling with lower dairy farm payout this season.
The research is based on consumer spending processed through all core retail merchants excluding hospitality in Worldline New Zealand’s payments network in September this year.
