Retail spending up 1.1pc in July - more green shoots?

Eftpost company Paymark says retail spending edged up 1.1pc in July.

New Zealand retail spending edged up 1.1 per cent in July from the same month of 2008, according to data from eftpos transactions company Paymark.

Some NZ$3.48 billion was spent across the Paymark network last month, with stronger sales in Auckland, Bay of Plenty and Marlborough, the company said in a statement. Spending at petrol stations was down 20 per cent per cent, which is weighing on all-sector growth, it said.

The pick-up may add to evidence of the so-called 'green shoots' emerging in the economy, Paymark chief executive Simon Tong said.

Spending at footwear stores jumped 24 per cent in July from the same month last year, while spending at liquor stores rose 20 per cent. Spending on furniture fell 4 per cent and spending on appliances dropped 1 per cent, suggesting consumer appetite for big ticket items remains weak.

Paymark processes more than 60 per cent of New Zealand's retail electronic transactions, according to its statement.

The NZSE Consumer Index, which includes retailers listed on the NZX, rose 0.7 per cent and has gained 7.8 per cent in the past month.

-BUSINESSWIRE