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Retail NZ: August Electronic Card Transactions
The electronic card transactions for August have shown a slight increase of 0.2% when comparing August and July 2024 seasonally adjusted data. However, the year-on-year comparisons shows we are still down 4.6% compared to August 2023 and the number of transactions year on year has dipped 1%.
“We do traditionally see an uplift in retail sales in August and this combined with the adjusted tax breaks would account for the positive result. As always, the devil is in the detail, while we are happy to see a small uplift in August compared to July, it is still worrying that year on year there is a sizeable decrease. We are certainly hoping that cuts in interest rates and a lift in consumer confidence will result in a turnaround before Christmas” says Carolyn Young, Chief Executive at Retail NZ.
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