Electronic card spending in New Zealand’s retail industries fell 0.9%, or NZ$63 million, in August compared with July, Stats NZ said in a release on 15 September. Spending in the core retail industries sub-group declined 1.0%, also a NZ$63 million decrease. The figures are seasonally adjusted, national-level values and are not adjusted for price changes. The series covers debit, credit and charge card transactions with New Zealand-based merchants and can provide an early indication of consumer spending and economic activity.

The measure does not cover all retail sales or household payment methods outside card transactions. A change in card spending value can also reflect different movements in transaction numbers and average transaction size. Seasonal adjustment aims to remove regular calendar effects; it is not an inflation adjustment. Therefore, the nominal August decline alone does not establish that the quantity of goods purchased fell by the same rate. Previous monthly figures may also be revised. The monthly series is useful for monitoring activity, but one month cannot by itself establish retailers’ annual revenue or the full position of household budgets.