Core retail electronic card spending falls

The seasonally adjusted value of electronic card transactions in the core retail industries (which excludes the motor vehicle-related industries) decreased 0.4 percent in February 2009 compared with January 2009, Statistics New Zealand said today. This follows a 0.3 percent decrease in January. The February decrease was led by the consumables industry.

The total value of electronic card transactions increased 0.6 percent in February 2009 compared with January 2009. This followed a 0.2 percent increase in January, and decreases in November and December 2008. The fuel retailing and non-retail industries were the main contributors to this latest rise, which was partly offset by a fall in the consumables industry.

Transactions in the retail industries were up 0.5 percent in February 2009, following three months of decreases. The February increase was led by the fuel retailing industry, with petrol prices rising significantly from January to February.

The core retail trend series appears to have reached a turning point and is now showing a decline since November 2008. The trend series for both total transactions, and transactions in the retail industries, had been declining since about September 2008, but both are now showing signs that these declines are easing. Initial trend estimates may be revised and should be used with caution until more data points are available.