Paymark Data Shows a Hint of Green Shoots

Paymark Data Shows a Hint of Green Shoots

Paymark figures for July showed a slight increase in spending, evidence perhaps of some economic ‘green shoots’ emerging at the end of what h as been a fairly static few months, spending-wise.

A total of $3.48 billion was spent across the Paymark network during the month, up 1.1 percent year-on-year. Stronger sales were evident in Auckland and other regions including Bay of Plenty and Marlborough, towards the end of the month. However, spending value at petrol stations is down 20 percent, and the lower petrol prices are a major factor behind low all-sector growth.

Paymark CEO, Simon Tong, commented that it was positive to see spending was starting to pick up ever so slightly again.

“We have heard a bit about ‘green shoots’ starting to emerge from a number of economists over the last week, and our July spending data seems to support this. It will be interesting to see whether this continues in the coming months.”

Footwear and liquor retailers are currently the biggest retail winners, with spending on footwear up 24 percent and liquor up 20 percent year-on-year in the month of July. At the other end of the spectrum, furniture spend is down 4 percent and spending on appliances is down 1 percent.

Paymark processes more than 60 percent of all retail electronic transactions in New Zealand, putting us ahead of any other country in the world in terms of EFTPOS use.

ENDS

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