Card spending bounce less than expected

Tue, 13 Oct 2020

Total retail electronic card spending rose a seasonally adjusted 5.4 percent in the month of September as Auckland rebounded from its second lockdown.The result disappointed economists who had expected a bounce closer to 10 percent, but still showed a resilient recovery from the lockdowns. In actual terms, total spending was $5.7 billion, up 7.3 percent from the same month in 2019.Satish Ranchhod, a Westpac economist, said there was particular strength in spending on household furnishings due to the strength of the housing market and working-fr...

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