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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
NZ card spending continued its weak trend in May, especially in the more discretionary retail sector. Total expenditure fell 0.9% m/m to be down 0.7% y/y while retail was down 1.1% to be 2.6% lower than a year ago. Higher rates and inflation are weighing on consumption decisions, but the RBNZ has said that demand needs to moderate to bring inflation back to target, the May card data are consistent with this.
- Q2 consumption is looking very weak with the average of retail card spending values down 1.9% q/q after falling 0.2% in Q1.
- Discretionary items mainly drove the reduction in spending with apparel down 1.2% m/m, hospitality -2%, durables -1% and vehicles -4.8%. Fuel also fell 2.8% m/m but petrol prices were around 3% lower on the month.
- The categories including more essential items were also weaker with non-retail ex services down 0.7% m/m and services lower 5.8% m/m.
NZ retail 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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