Over $2.2 billion spent in December to date

December 16, 2013

Over $2.2 billion spent in December to date

Paymark figures released today reveal Kiwis are getting stuck in to their Christmas shopping, with annual spending up 7.7 per cent through the Paymark network over the first two weeks of December.

This is higher than the 5.7 per cent average spending increase seen during the first 11 months of the year.

Paymark, which processes around three quarters of all electronic transactions in New Zealand, saw over $2.2 billion pass through its network in the fourteen days between the 1st and 14th of December.

Paymark Head of Customer Relations, Mark Spicer, says last Friday brought out the masses this year with the 13th of December recorded as the busiest shopping day of the month and second busiest of the year so far.

“On Friday we saw 3.6 million transactions pass through the network, equivalent to just over $187 million in spending.

“Past trends indicate that we can expect spending to continue this growth pattern in the next week as Kiwis count down the days to Christmas,” he says.

Compared with the first 14 days of December last year, above average growth was recorded in Palmerston North (+9.5%), Marlborough (+9.5%) and Canterbury (+8.9%) during the first two weeks of December. Auckland/Northland (+7.3%), Taranaki (+7.3%), Otago (+7.2%) and Southland (+7.3%) also showed positive growth in the lead in to Christmas.

“While spending in total is up strongly, growth in some regions and in some sectors remains modest,“ says Spicer.

Sectors reaping the benefits of the Christmas build-up include accommodation providers (+11.7%), restaurants, bars and cafes (+9.9%), liquor retailers (+10.6%) and takeaways (+10.5%).

“It appears Kiwis are continuing to splash out on home DIY goods, with hardware and building supply outlets up 12 per cent year-on-year.

“Electronics retailers also showed strong gains over the fourteen day period, up 9.1 per cent, possibly buoyed by the recent launch of gaming consoles and the strong Kiwi dollar impacting electronic goods prices,” adds Spicer.

PAYMARK Regional Data 1-14th December 2013 versus 2012

PAYMARK Sector Data 1-14th December 2013 versus 2012

About Paymark
In November 2009, Paymark honoured a significant business, retail, and economic milestone with the celebration of its 20th birthday. Since its inception in 1989 when three banks came together to form Electronic Transaction Services Limited (now known as Paymark Limited), Paymark has grown to become an integral part of New Zealand’s economic landscape with arguably the best EFTPOS system in the world.

Quick facts:
• By March 1990 volumes through the network exceeded 1 million transactions a month
• 1994 the company increased its computer processing power to accommodate volumes exceeding 10 million transactions a month
• 28 August 1996, Paymark makes history by installing an off-shore EFTPOS terminal at a general store, Scott Base, Antarctica
• In 1998 Paymark passed another milestone as the 1 billionth EFTPOS transaction was processed
• In February 2012, Paymark processed its 10 billionth transaction
• More than 74,000 merchants and 116,000 terminals are currently connected to the network that is now 3DES and EMV compliant. Today, the Paymark network processes over 75% of all electronic transactions in the New Zealand retail market on behalf of more than 50 card issuers and acquirers.

ENDS

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