ANZ NZ Merchant and Card Spending

Annual growth in total spend is 2.5%, lower than last month and well below where the rate of inflation is expected to have been in Q1. Changes in the 3-month average were a mix of rises and falls. Durables and discretionary spending like clothing continue to be particularly exposed to more caution on the part of consumers. Tourism-related spending remains a bright spot, up more than 6% y/y. But now the summer season is behind us, that annual change is much less meaningful in terms of revenue growth.

Annual growth in all categories of spending except clothing is back in the black. Annual growth in total spend is 3.5%, still lower than the rate of inflation. Changes in the 3-month average were mostly positive. Spending on clothing remains down from a year earlier, but the annual fall eased from -3% to -1.6%. Durables and discretionary spending are also still feeling the pinch from more cautious consumers. Tourism-related spending remains a bright spot, up around 9% y/y.

Annual growth in most categories of spending is back in the black. Annual growth in total spend lifted from 2.5% to 3.5%. Recent momentum as measured by the change in the 3-month average was also stronger. Population growth is likely a big driver. Spending on durables and clothing remains weak, but the annual fall softened from -5.3% in December to -3.0%. Tourism-related spending remains a bright spot. Annual growth in Misc Services was driven particularly by finance services and insurance services.

Annual growth in most categories of spending was a mix of ups and downs in December. Annual growth in total spend eased from 2.6% to 2.5%. Recent momentum as measured by the change in the 3-month average was generally a little stronger. Spending on durables and clothing remains particularly weak, while spending on utilities and miscellaneous spending is growing faster than other types of spending. Note, however, that price growth (inflation) also affects nominal spending. Tourism-related spending is a relative bright spot.

Annual growth in most categories of spending continued to slip in November. Annual growth in total spend dropped from 3.2% to 2.6%. Recent momentum is a mix of small ups and downs – pretty weak considering population growth well in excess of 2% and still-strong inflation. The flattening off in spending is also evident in the levels charts on the next two slides. Spending on miscellaneous services continues to outperform. Spending related to housing is lacklustre, and clothing retail continues to weaken. 

Spending growth in most categories was positive in October (seasonally adjusted). However, the lift versus last month has more to do with base effects (a very weak July falling out of the 3-month average) than any real strength in spending in the month of October. Spending on miscellaneous services grew strongly.  The tourism rebound has flattened out somewhat, but recent growth rates were never going to be sustainable. Clothing retail remains particularly weak, reflecting more cautious consumers.

Spending growth in most categories eked out small positive gains in September. Spending on business goods and services continues to outperform. Tourism remains a bright spot in annual change terms. At the other end of the scale, clothing spending is lower than a year ago.

Most categories of spending experienced a small uptick in August following some softer months. Despite this, total spending slipped slightly after seasonal adjustment. 

ANZ card spending data shows spending across the board losing momentum, with more discretionary items such as clothing under particular pressure. Tourism-related spending continues to outperform, while housing-related spend is generally struggling. Barbieheimer and Taylor Swift provided bright spots.

Tourism-related spending continues to be, for the most part, significantly stronger than a year ago. Housing-related spending continues to be under pressure, though there’s some evidence DIY is holding up. Discretionary spending is mixed. Clothing retail is struggling. Counter-cyclical retail is outperforming as households look to cut costs. Goods retail is a mixed bag. Price changes dominate some categories, e.g. fuel (lower prices) and insurance (higher prices). Business services are also mixed. Spending on printing is well down. In the services space, education is an outperformer as foreign students make a comeback. The relative decline of online shopping is evident in courier services.