Electronic cards transactions decreased in New Zealand

Customers in New Zealand are reported to decrease their electronic card transactions. In November the value of electronic card transactions dropped at a rate largest for the past six years. Statistics New Zealand (SNZ) reports that the seasonally adjusted value of the total electronic card transaction (ECT) series in November 2008 decreased 2.8% against October 2008.

The drop was the largest since the series began in 2002. Besides, SNZ reports that the rate of growth in the total ECT trend series had eased since August and was now almost flat. The value of the retail ECT series, after seasonal adjustment, decreased 2.3% in November 2008 in comparison with October, which was led by the fuel sales drop.

The hospitality and durables industries also reported decrease while consumables sector showed a rise. There were 88 million electronic transactions in November with a value of $4.8 billion. That compared with 85 million transactions in November 2007, also with a value of $4.8 billion.