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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NEW ZEALAND
Total card spending rose 3.1% m/m in March after falling 1.8% to be up 16.1% y/y. This strength was driven by non-retail components as retail card spending rose 0.7% after falling 0.1% to be up 14.3% y/y. Transaction data is suggesting that retail sales values in Q1 rose by around the same amount as in Q4. This data indicates that consumer demand remains solid, especially outside of retail, thus while close to peaking, the RBNZ is likely to remain vigilant as this month it noted that supply and demand are not yet in balance.
- Retail card transactions rose 1.3% q/q in Q1 and 9.8% y/y, driven by a 1.9% lift in groceries but held back by a drop in fuel spending. In the month of March, all categories rose except groceries. In Q4, retail card spending rose 1.3% q/q, while retail sales values rose 1.7% and volumes fell 0.6% q/q.
- Non-retail rose 11.3% m/m in March, driven by tourism-related sectors.
NZ card spending y/y%
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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