New Zealand’s electronic card retail sales weakened in January 2026, extending the decline seen at the end of last year. According to data updated on 15 February 2026, the month‑over‑month indicator fell to -1.1%, following a -0.3% drop in December 2025.
The figures show a clear deterioration in consumer spending momentum at the start of the year. While December’s decline was relatively modest, January’s sharper fall suggests households may be pulling back more noticeably on card-based purchases compared with the previous month. The data are calculated as month‑over‑month changes, with the current reading comparing January 2026 to December 2025, and the previous reading comparing December 2025 to November 2025.
With electronic card transactions serving as a timely gauge of retail activity, the back‑to‑back monthly declines could raise concerns about the strength of domestic demand as 2026 gets underway. Investors and policymakers are likely to watch upcoming releases closely for signs of whether this downturn in card spending persists or begins to stabilize in the months ahead.
