Card spending dips in December but momentum still strong

By Rebecca Howard | Thu, 16 Jan 2020


Consumers may have spent less in December after hitting the shops in November, but momentum remains strong as low interest rates continue to spur spending.Total retail spending fell a seasonally adjusted 0.8 percent on the month in December after lifting 2.9 percent in November. December’s fall in retail sales does not signal weakness in household spending, but a shift in the timing of spending to events, said Westpac Bank senior economist Satish Ranchhod.ASB senior economist Mark Smith said that “consumers are heeding the RBNZ’s advice to...