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NEW ZEALAND: Consumption Soft But Slowly Recovering

NEW ZEALAND
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NZ retail card spending saw payback in January for the strong December outcome which was revised up and related to festive spending. It fell 1.6% m/m after rising 2.4%, breaking the run of increases since August. Total spending was flat on the month after rising 1.6% in December and is little changed on a year ago. Consumption appears to be gradually recovering supported by lower inflation and rates but remains soft and the RBNZ is likely to ease by 50bp again at its meeting on February 19.

  • Core retail spending fell 1.5% m/m. Outside autos and fuel, spending was lower across the main categories with durables -2.6% m/m (which tends to be lumpy), consumables -0.7%, apparel -1.0% and hospitality -0.2%, while autos rose 3.2%.
  • Non-retail ex services expenditure rose 1.6% m/m which includes travel, healthcare, etc, and services were up 1.8%. 

NZ card spending y/y%

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NZ retail card spending saw payback in January for the strong December outcome which was revised up and related to festive spending. It fell 1.6% m/m after rising 2.4%, breaking the run of increases since August. Total spending was flat on the month after rising 1.6% in December and is little changed on a year ago. Consumption appears to be gradually recovering supported by lower inflation and rates but remains soft and the RBNZ is likely to ease by 50bp again at its meeting on February 19.

  • Core retail spending fell 1.5% m/m. Outside autos and fuel, spending was lower across the main categories with durables -2.6% m/m (which tends to be lumpy), consumables -0.7%, apparel -1.0% and hospitality -0.2%, while autos rose 3.2%.
  • Non-retail ex services expenditure rose 1.6% m/m which includes travel, healthcare, etc, and services were up 1.8%. 

NZ card spending y/y%

Keep reading...Show less