New Zealand's card spending dips in May

Source: Xinhua| 2019-06-12 13:19:49|Editor: Shi Yinglun
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WELLINGTON, June 12 (Xinhua) -- New Zealand's retail card spending dipped in May reversing a similar rise in April, Stats NZ said on Wednesday.

"Card spending has slowed over the last three months," Stats NZ retail statistics manager Sue Chapman said. "Since February 2019 we have seen relatively softer growth in the retail industries indicating an easing in domestic spending."

When adjusted for seasonal effects, overall retail spending fell 0.5 percent in May, after a 0.6 percent rise in April. Retail card spending fell in most industries, with one modest rise coming from the vehicle-related industry in the May month.

The fall in sales this month followed the rise in retail card spending for April that coincided with the timing of Easter and the school holidays.

"Four industries fell in May and one was relatively unchanged compared to April. Most of these industry falls were quite small, with values only reducing by 10 million New Zealand dollar or less in each group," Chapman said.

Of the four industries to dip in retail card spending, the largest decrease came from the durables industry, down 0.8 percent or 10 million New Zealand dollar. This industry includes furniture, hardware, appliances, computers, recreational-sporting goods, department stores, and pharmaceutical and other store-based retailing. (1 New Zealand dollar equals 0.66 US dollar)