Plastic money on the rise

12 March 2013 - Mark Maffia

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Plastic money on the rise


Spending money electronically has risen last month by 0.8 percent this is the highest since last August.

Spending money in retail generally has risen 0.7 percent and was five percent higher than a year ago. Approximately two-thirds of core retail spending was done with plastic money. The buying of durable items has risen by 1.4 percent.

0.6 percent more money was spent on consumables like food. This does not include fuel, hospitality and apparel less money was spent here. Experts say that the rise of retail card spending was part of a continuing growth. Improved consumer confidence together with stronger housing market has contributed, and retailers are optimistic.

The outlook looks good but due to the slow growth of incomes possibly will not stay as fast as in the last few months. The job market also is rather weak and the number of household debts quite high. Another issue might also be the drought, which could result in less spending in the rural areas of New Zealand

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