New Zealand electronic card spending likely to slowdown

After surging at the start of the year, electronic card spending has had a much slower run in the last few months. That includes June, when a 0.5% rise in the value of spending was entirely due to a lift in fuel prices. This overstates the degree to which spending has slowed. 

Spending in the March quarter received a boost from falling petrol prices, which freed up spending on other goods and services. This effect has gone into reverse as petrol prices have risen.

"we are braced for more soft reads in coming months," says Westpac Research 

Consumer confidence has already come off significantly and is likely to fall further as the dairy downturn percolates through the economy.