Kiwis Not Parting With Cash

06 December 2011 - Which Way to Pay

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Kiwis Not Parting With Cash

According to the latest spending figures from Paymark, New Zealanders are keeping their purse strings tight throughout the run up to Christmas. The figures show that the build up to Christmas did begin last month, it was a "slight intermission breaking up the busy Rugby World Cup period and the pending Christmas rush''.

Phil Deason, a spokesman from the company, said that New Zealanders had kept a close watch on their outgoings over the past year and that appeared to still be the case before the busiest shopping time of the year.

Paymark, which processes around 75 per cent of all electronic transactions in New Zealand, processed nearly 77 million transactions worth more than $3.9 billion across New Zealand last month, a 3.2 per cent increase on the year before.

"Although annual growth has been slow Christmas this year is still on track to be busier than last year and we are still planning for a very hectic last few days before Christmas Day.''

During the immediate post-Rugby World Cup period, annual growth rates slowed from double-digit levels amongst cafes/restaurants (up 6.5 per cent) and bars/clubs ( up 2.2 per cent).

Annual growth in the accommodation sector remained low, up only 0.5 per cent year on year.

 

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