New data from Statistics New Zealand reveals a modest improvement in electronic card retail sales for May 2024. The indicator, which measures the total amount spent using electronic cards, showed a year-over-year decline of -1.6%. This is a notable enhancement from the -3.8% recorded in April 2024. The updated figures were released on June 12, 2024.
The reported data indicate a gradual recovery in consumer spending via electronic payment methods, aligning with optimistic signals from various economic sectors. While the figures still represent a contraction, the reduced rate of decline suggests increasing consumer confidence and a potential uplift in retail activity as we move further into 2024.
Analysts are cautiously optimistic, noting that the continued reduction in negative percentage points might be indicative of a broader economic stabilization. It remains to be seen whether this trend will sustain in the coming months, thereby signaling a more robust rebound for New Zealand's retail sector.
