New data for card transactions in December shows an underwhelming month for retailers in New Zealand. Retail NZ, the nation’s leading retailer association, warns of a “rocky few months” ahead.

Stats NZ figures for 2025 show retail card spending fell by 0.5 per cent year-on-year. From November to December, retail spending fell by 0.1 per cent.

Apparel spending suffered the biggest loss, falling 3.6 per cent. Consumables fell by 0.1 per cent.

“The dip in card spending will come as a disappointment to retailers after seeing a 1.6 per cent increase in November, where shoppers took advantage of Black Friday sales,” said Retail NZ CEO Carolyn Young.

“Unfortunately, that spending has not continued into December, a critical sales period for retail with the lead up to Christmas and Boxing Day sales, which many businesses rely on to support them through the quieter months in the year ahead.”

The data also showed an increase in the proportion of credit card transactions in December over the month prior. Young said this could indicate that consumers’ disposable income was declining.

“It suggests the optimism we’re hearing from businesses is not translating through to shoppers, where the cost of living seems to be a continued stress on New Zealand households,” she added.

“Retailers will be bracing for a possible rocky few months ahead of them, with the potential for rises and falls in spending month-to-month.”