Retail card spending continued to track up in June after its bumper bounce back in May, figures from Statistics NZ show. The continued spending recovery followed a $2.3b bounce back in retail card spending in May as businesses re-opened after the Covid-19 level 4 lockdown, but bank economists are warning retailers face a tough end to the year. Despite the continued spending recovery, retail card spending in the June quarter was $4.5b behind spending in the same three-month period last year, or 20 per cent lower. “The falls this quarter occurred primarily in April and somewhat in May, with June being a return to more usual card spending,” Hicks said. The biggest drop in spending during the June quarter was on hospitality, with spending down 49​ per cent as a result of the closure of bars, restaurants and events during the Covid-19 lockdown.

Source: Stuff July 09, 2020 23:28 UTC