Vergara said Kiwibank had more customers than before. That, combined with an increased preference for contactless payments, could explain the latest spending levels.
“In fact, Kiwis swiped, tapped or inserted their cards fewer times than last quarter,” she added.
And compared to a year earlier, the number of transactions grew by just 0.5 per cent.
“While domestic tourism may be softening, the return of overseas visitors is boosting demand.”
Coffee fixes here to stay
Vergara said demand for “big-ticket retail” was waning, but relatively minor regular treats such as coffee or brunch were proving resilient.
The bank said demand for brunches and coffees was inelastic, or less price-sensitive than many other goods.
And the blockbuster player on the economic landscape was none other than Barbie.
“The intrigue of pink cowboy hats and wide-brim fedoras pulled people out of their pyjamas and back to the cinemas,” Vergara said.
“As Barbie and Oppenheimer battled it out for the box office crown, the volume of spend rose an atomic 57 per cent in the first week of the double-feature release.”