Lower prices at the fuel pump meant a 6.1% decrease in the electronic card transactions of $36m in August 2016.
Total retail spending using electronic cards was $4.7 billion in August 2016, up $166 million (3.7%) from August 2015, according to Statistics New Zealand.
“The lower fuel price means people are spending less at the pumps,” says business indicators senior manager Neil Kelly.
“This month’s petrol price was around 20 cents less a litre than it was in August last year,” says Kelly.
When adjusted for seasonal effects, retail spending decreased 0.4% in August 2016 from July 2016. This reduction follows a 0.2% rise in July.
Five of the six retail industries fell, while one remained unchanged when seasonally adjusted. The largest decreases were for hospitality, down $14 million (1.5%) and consumables, down $8.1 million (0.5%).
The reductions for these two industries follow increases in spending in recent months.
The hospitality industry includes accommodation, bars, cafes and restaurants, and take away retailing. The consumables industry includes grocery and liquor retailing.
