NZ: Retail spending on electronic cards increased 1.1% in September - ANZ

Sandeep Kanihama FXStreet Contributor

Liz Kendall, Senior Economist at ANZ, notes that New Zealand’ retail spending on electronic cards increased 1.1% m/m in September (seasonally adjusted), after a solid 1.1% m/m lift in August.

Key Quotes

“Retail spending was strong across the board, with consumables (1% m/m) and apparel (0.9%) posting strong lifts. Reflecting this broad-based strength, ‘core’ retail spending, which strips out motor vehicle-related spending, posted a seasonally adjusted 1.1% m/m rise.”

“Today’s data finishes Q3 on a firm footing, with core and total retail spending up 2.1% q/q and 2.3% q/q respectively. It also confirms that ECT has turned higher in trend terms, although the data has oscillated a lot of late. The trend in retail and core spending was up 0.8% and 0.7% in September. For both, the trend is running at 1.4% q/q.”

“Nonetheless, at the margin, today’s data temper concerns that the household sector may be reining in their spending in response to financial pressures.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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