Card spending dips in December but momentum still strong

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...

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