Cheaper fuel means people are spending less overall according to the latest Statistics NZ figures.
Total retail spending using electronic cards was $4.7 billion in August 2016, up $166 million (3.7%) from August 2015.
Of the six retail industries, the only decrease was in the fuel industry, down $36 million (6.1%).
“The lower fuel price means people are spending less at the pumps,” business indicators senior manager Neil Kelly says. “This month’s petrol price was around 20 cents less a litre than it was in August last year.”
When adjusted for seasonal effects, retail spending decreased 0.4% in August 2016 from July 2016. This follows a 0.2% rise in July.
Core retail spending (which excludes the vehicle-related industries) decreased 0.6% in August 2016, after a 0.6% increase in July.
The total value of electronic card spending, including the two non-retail industries (services, and other non-retail), was down 0.8% in August. This follows a 0.3% increase in July 2016.
Trends for the total, retail, and core retail series have generally been rising since these series began in October 2002, but appear to be easing in recent months.
Values are only available at the national level, and are not adjusted for price changes.
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