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Analysts at ANZ note that NZ’s retail spending on electronic cards increased 0.8% m/m in June (seasonally adjusted), following an upwardly revised 0.6% m/m lift in May.  

Key Quotes

“Q2 consumer spending was impacted by a very weak April print.  On a quarterly basis, the pace of growth is sitting at -0.2% q/q.”

“‘Core’ retail spending, which strips out motor vehicle-related spending, posted seasonally adjusted 0.6% m/m outturns in both May and June, after falling 2.2% m/m in April. This shows some resilience in consumer spending and that wallets haven’t closed just yet.”

Overall, we’re left with a pretty modest picture for consumer spending, but with some tentative signs that it’s not over yet.”