Card spending fell for the first time since February. Electronic card spending fell $113 million, or a 1.7 per cent slump, in May compared to April this year with core spending (excluding fuel) down 1.2 per cent or $69m. Westpac senior economist Satish Ranchhod said retail spending was “much weaker than expected”. “Today’s weak spending result highlights the growing pressure on households’ finances,” Ranchhod said. In actual terms, retail card spending came in at $6.4 billion in May, up 3.3 per cent ($203m) on May 2022.

Source: New Zealand Herald June 12, 2023 04:33 UTC