Card spending flat in January

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.  

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