New Zealand seasonally adjusted retail spending on electronic cards eased more than expected, despite the Christmas holiday. "It seems New Zealanders had a frugal Christmas," Westpac Bank senior economist Satish Ranchhod said in a note. While seasonally adjusted retail spending eased, actual retail spending climbed 5.8% to $6.5 billion in December from the same month a year earlier, the agency said. "The higher hospitality spending coincides with a period of rising international tourism and residents enjoying Christmas and New Year holiday breaks." Core retail spending, which excludes vehicle-related industries, dropped 0.8% in December from November, with spending on durables down 1.5%.

Source: Otago Daily Times January 15, 2017 17:04 UTC