New Zealand: Card Spending Growth Slows to 0.7%

Seasonally adjusted electronic card transactions in New Zealand increased 0.7% month-over-month in March 2026, following a 1.4% rise in the previous month. It marked the second straight month of growth, although the pace eased compared to the previous month. The moderation came as spending in some categories eased, including consumables (1.1% vs 1.8% in February) and durables (1.2% vs 1.3%). Additionally, spending declined in hospitality (-2.4% vs 2.4%) and apparel (-4.2% vs 1.9%). In contrast, spending on fuel jumped 17.3%, rebounding sharply from a 1.1% fall in February, due to higher fuel prices amid the Middle East conflict. Meanwhile, spending on motor vehicles excluding fuel rose 1.9%, recovering from a 0.2% drop in the previous month. On an annual basis, total electronic card spending rose 2.7%, after a 1.5% growth in February.