Card transactions marginally better in December, but still weak

  Seasonally adjusted card transactions fell 0.7% in December from November, which was better than the 2.9% fall recorded in November, but still significantly weaker than through late 2007 and early 2008. Unadjusted card spending rose to NZ$5.641 billion in December from NZ$4.763 billion the previous month, but was up 1% from the same month a year ago. Statistics NZ's trend measure of card spending has shown reductions in card spending in each of the last four months, with the size of the fall growing in each month. The figures match the anecdotal evidence of a continued slowdown in consumer spending, but that the Christmas selling season was not as bad as some feared. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.