Worldline data shows retail growth slowing

Spending in department stores was down by more than a quarter. (Photo: NZME stock)

Tue, 05 Mar 2024

Payment processor Worldline reported Tuesday underlying retail spending, excluding the hospitality sector, was mixed in February and that overall trends indicate slowing growth.Payments on credit and debit cards rose 5.2% to $2.88 billion compared with the same month last year.That figure does not account for large clients moving to and from Worldline or the leap day. Removing Feb 29 gives an annual growth rate of 1.6%, which is below the 2.8% average annual growth rate of the previous six months.“The underlying growth rate has slipped a...

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