NZD: NZ Electronic Card Retail Sales -0.4% in April
The NZ Electronic Card sales data for the month of April contracted -0.40% versus -0.70% in the March month. Annualised sales data contracted -3.8% compared to -2.3% last month and expected -3.0%. This reading shows lowest since August 2022.The consumer durable goods spending falling to $11 million NZD in this March month.
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In April, the electronic retail sales in New Zealand experienced a contraction, with a decrease of -0.4%. Although this decline marked a slower pace compared to the previous month’s -0.7% drop, the annualized figure further decelerated, showing a -3.8% decrease compared to the previous period’s -2.3% (revised from -3.0%).
The seasonally-adjusted retail card spending reached its lowest point since August 2022. Notably, spending on durable goods experienced the most significant decline, dropping by $11 million NZD.
NZD: NZ Electronic Card Retail Sales Dip in April 2024
In April, the electronic card sales data in New Zealand experienced a contraction of -0.40%, marking an improvement from the previous month’s contraction of -0.70% in March. The annualized sales data also showed a contraction of -3.8%, compared to the -2.3% decline recorded in the previous month, which was expected to be -3.0%. This latest reading represents the lowest level observed since August 2022.
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Additionally, consumer spending on durable goods notably declined to $11 million NZD in March.
In April 2024, New Zealand experienced a decline in electronic card retail sales compared to the preceding month. The data for April indicates a decrease of 0.4%, showing a slight improvement from March 2024, which saw a decline of 0.7%. This updated information, released on May 13, 2024, highlights a recent deceleration in retail spending conducted through electronic card transactions across the nation.
While April’s figures depict a marginal uptick compared to the previous month, electronic card retail sales remain in negative territory. As New Zealand remains vigilant in monitoring its economic indicators, the fluctuations in consumer spending through electronic channels will serve as a crucial aspect to observe in the forthcoming months, signaling potential signs of economic recuperation and stability in retail sales.
NZD: NZ Card Retail Sales: April Decline -0.4% m/m (-0.7% prior) & -3.8% y/y (-2.3% prior)
In April, the electronic card sales data in New Zealand exhibited a contraction of -0.40%, a slight amelioration from the preceding month’s downturn of -0.70% recorded in March. The annualized sales data revealed a more pronounced contraction of -3.8%, in contrast to the -2.3% decline reported in the previous month, deviating from the anticipated -3.0% projection. This latest metric registers the nadir since August 2022.
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Moreover, consumer expenditure on durable goods experienced a conspicuous descent, plummeting to $11 million NZD in March.
In April, the total card spending in New Zealand increased by 0.9%, which reflects an improvement from the previous month’s increase of 0.1%. This encompasses various transactions made using debit, credit, and store cards within the country.
Breaking down the card spending figures for retail purposes:
Month-over-month (m/m), there was a decline of 0.4% in April, showing a slight improvement from the previous month’s decrease of 0.7%. On a year-over-year (y/y) basis, there was a decrease of 3.8%, which is a further decline compared to the previous period’s decrease of 2.3%.
It’s important to note that card spending data covers approximately 68% of core retail sales in New Zealand. This data serves as a primary indicator of retail sales trends within the country, offering insights into consumer behavior and economic activity.
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