June card spending data bleak, says economist

There may be light at the end of the tunnel, the ASB and Westpac economists said. (Image: NZME)

Fri, 12 Jul 2024

ASB economist Kim Mundy described Stats NZ’s June retail card spending data as “bleak” on Friday.“Yet again, electronic card transactions paint a bleak picture of private demand in New Zealand,” Mundy said. “The cumulative impact of past monetary policy tightening and growing job insecurity fears are playing out clearly in the retail space.”The total value of electronic card spending, including in non-retail services and other non-retail categories, fell a seasonally adjusted 0.5% to $9 billion in June...

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