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Card spending flat in January
Spending with credit and debit cards was flat on a seasonally adjusted basis in January and was up only 1.2% from a year ago, extending a sharp slowdown in growth since mid 2008.
Seasonally adjusted card spending was unchanged at NZ$4.6419 billion in January and followed two months of seasonally adjusted falls in card spending.
These figures from Statistics NZ are followed closely because they are the first official indication of retail sales.
Our measure of average spending per transaction continued to fall, with the average spent per transaction in January dropping to NZ$53.09 from NZ$54.95 per transaction in January a year ago.
* This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.
Bernard, I would be keen
Bernard,
I would be keen to find out what the card spending is for credit card only, that is excluding debit cards. For example, I have a debit card, but basically utilise my actual positive balance of funds and do not fund purchases with that card through debt. If figures of debt based transactions are being used to establish the level of debt through credit card transactions, would any figures derived from debit cards influence those?