People spending less as tough times continue

Seasonally adjusted retail spending decreased by 1.1%, or $69 million between April and May this year. (Image: Getty)

Thu, 13 Jun 2024

Consumers are continuing to cut down on their spending, the latest electronic card transactions data showing retail spending down across the board.Seasonally adjusted retail spending decreased by 1.1%, or $69 million between April and May 2024. In actual terms, it is 1.6% below what it was in May 2023.Core retail spending, which excludes fuel and vehicles, fell by a seasonally adjusted 0.8% over the same month or $48m.It was down 1.7% on the year. The hospitality sector had the largest shortfall, with $25m less in May than in April,...

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