Retail card spending +0.6% m/m
- vs. expected -4.0% m/m, prior 0.9%
- for the y/y +4.7%
A good-sized beat for this data. There were a wide range of expectations, some analysts were expecting a drop in retail sales on the month due to the hold placed on the travel bubble with coronavirus-hit Australia and thus a negative impact on the hospitality sector. Others were looking for a riser based on government support payments boosting household spending.
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Card spending data covers around 68% of core retail sales in NZ. Its used as the main retail sales indicator for the country.
