Kiwis appear to be putting home renovations on hold as the tough economic conditions bite.
New Zealand’s largest bank reports annual growth in ANZ card transactions was just 2.3 per cent to the end of May, despite inflation running at a higher pace.
Spending in the housing-related category was down nearly 3 per cent year-on-year.
“The only category in the housing group that is up more than negligibly year-on-year is ‘glass, paint and wallpaper’, suggesting cheap spruce-ups may be standing in for expensive renovations,” said ANZ chief economist Sharon Zollner.
Sharply weaker construction activity was evident, with all categories related to building “particularly weak”, she said.