New Zealand has experienced a notable decline in electronic card retail sales for May 2024. The latest data, updated on June 12, shows the indicator has dropped to -1.1%, reflecting a significant decrease compared to the previous month's figure of -0.4% recorded in April 2024.
This month-over-month comparison highlights a deepening contraction in consumer spending as observed through electronic card transactions. The -1.1% figure for May 2024 underscores growing concerns about New Zealand's retail sector, as it marks a notable deterioration from the -0.4% decrease seen between March and April.
The continual decline across these months calls for cautious monitoring by both policymakers and businesses to understand and address underlying factors affecting consumer behavior and economic activity in the country.
