Celebrating in style - First week of December spending

Celebrating in style

12 December, 2016

A total of $1290 million was spent through the Paymark network in the first 7 days of December. This represents an underlying 5.4% increase on last year, once large merchants additions and removals from the network in the interim period are excluded.

The results so far this month point to solid growth in the early stages of the busy pre-Christmas spending period.

Annual growth rates were highest in Bay of Plenty, Hawke’s Bay and Palmerston North and were low in the Paymark-defined Marlborough region (that includes Kaikoura) and in Canterbury.

It is also about this time of year that many end of year celebrations occur. As is usually the case, the level of spending through hospitality merchants was higher in the first 7 days compared to the previous 7 days, and is expected to increase again in the following 2 weeks. However the annual underlying growth rate did also accelerate to 12.4% in the first 7 days, implying a busier than usual start to the celebrations this month.

ENDS

Full release with charts: Paymark__Xmas_Release_12_December.docx

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