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NZ Boxing Day spending lifts 6.4%, Paymark says

Article – BusinessDesk

Dec. 27 (BusinessDesk) – New Zealand electronic spending on Boxing Day lifted 6.4 percent this year, led by growth in department stores, appliance stores and home decorating, according to local payments company Paymark.NZ Boxing Day spending lifts 6.4%, Paymark says

By Tina Morrison

Dec. 27 (BusinessDesk) – New Zealand electronic spending on Boxing Day lifted 6.4 percent this year, led by growth in department stores, appliance stores and home decorating, according to local payments company Paymark.

Paymark said it processed $139 million of electronic payments on Boxing Day this year, while the volume of transactions increased 3.4 percent to 2.5 million. The figures have been adjusted to exclude large clients moving to or from Paymark over the last 12 months. The year-earlier figures weren’t available. Last year the company said adjusted spending on Boxing Day rose 1.9 percent to $152.7 million.

Many consumers hit the shops and queue for bargains on Boxing Day to take advantage of big discounts offered by retailers. Department stores recorded the strongest spending growth this year, lifting 68 percent, while appliance store spending increased 53 percent, home decorating stores up 38 percent, toy and game shops up 26 percent, footwear shops up 10 percent and book shops up 9.1 percent.

Paymark noted “sustenance was required while shopping”, with spending at fast food outlets up 16 percent and restaurant and cafe spending up 9.3 percent.

Spending rose 26 percent on the West Coast, 24 percent in Marlborough, 16 percent in Wairarapa and 13 percent in Gisborne, Paymark said. It increased just 3.7 percent in Auckland/Northland and 2.4 percent in Wellington, the company said.

Paymark says it has more than 100,000 terminals in New Zealand accounting for more than 75 percent of the market.

(BusinessDesk)

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