Card Stats Flat Regardless of Rugby World Cup

11 October 2011 - Which Way to Pay

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Card Stats Flat Regardless of Rugby World Cup

According to Statistics New Zealand, credit and debit card use was only slightly up across the country despite the Rugby World Cup.

September statistics saw a mere increase of 0.2% from the previous month in the value of total transactions with electronic cards, boosted by a rise of 0.6% in the total value of core retail transactions. Electronic card use is not yet showing the effects of the Rugby World Cup.

The statistics does not include bank transfers or cash transactions. Payments made in advance are also not included, such as hotel bookings, tickets, and car hires. The arrival of the World Cup is expected to give a much needed boost to retailers, who have been feeling the pinch of depleted consumer demand over the last few years.

It would seem that many New Zealanders are paying back debts instead of taking advantage of record low interest rates. The tournament is expected to bring around $700 million into the Kiwi economy, although the net amount is yet to be seen.

The biggest boom has been seen in the value of total transactions for fuel, which increased at a seasonally adjusted 2.9%. This is the biggest jump seen since taxes on GST and fuel were upped in October last year.

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