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NEW ZEALAND: Retail Spending Appears To Have Turned

NEW ZEALAND
APACNew ZealandBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

NZ retail card spending posted a third consecutive monthly rise in October up 0.6% m/m after 0.1%. Total spending rose 0.4% m/m after 0.3% and is now slightly positive on a year ago. The start of easing in August appears to have allowed households to begin to spend again. Another 50bp rate cut on November 27 is likely bringing the OCR to 4.25%. 

  • Retail spending posted its highest monthly increase since January with the annual rate improving to -2.4% from -3.6%. It was driven by hospitality (+2% m/m) but partially offset by lower spending on motor vehicles and fuel. Core retail spending also increased 0.6% m/m.
  • Non-retail ex services expenditure fell 0.5% m/m, while services also fell 0.5%. These categories don’t just cover essential items but a lot are included, such as medical care and repairs. 

NZ card spending y/y%

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NZ retail card spending posted a third consecutive monthly rise in October up 0.6% m/m after 0.1%. Total spending rose 0.4% m/m after 0.3% and is now slightly positive on a year ago. The start of easing in August appears to have allowed households to begin to spend again. Another 50bp rate cut on November 27 is likely bringing the OCR to 4.25%. 

  • Retail spending posted its highest monthly increase since January with the annual rate improving to -2.4% from -3.6%. It was driven by hospitality (+2% m/m) but partially offset by lower spending on motor vehicles and fuel. Core retail spending also increased 0.6% m/m.
  • Non-retail ex services expenditure fell 0.5% m/m, while services also fell 0.5%. These categories don’t just cover essential items but a lot are included, such as medical care and repairs. 

NZ card spending y/y%

Keep reading...Show less