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New Zealand July Credit Card Spending Increases

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New Zealanders increased their credit card spending in July 2009 when compared to June.

Statistics New Zealand reported Tuesday that overall electronic card transactions increased in July by a seasonally adjusted 1.2 percent.

The increase reversed an on-month decline of 0.4 percent reported for June.

Statistics NZ said the increase last month was mostly driven by non-retail spending on items such as health, travel and wholesaling as well as consumables such as food, liquor and chemist retailing.

The value of overall retail credit card spending was up a seasonally adjusted 0.8 percent in July. The value of core retail electronic transactions was up 11.1 percent.

The agency also said credit card transactions as a percent of the total value of transactions continued its decline, falling for a 10th straight month to 45 percent of transactions for the year to July 2009. Increased use of debit cards was credited with being responsible for the fall.

(Market News Provided by RTTNews)

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