Total electronic card transactions
After adjusting for seasonal effects, the total ECT value series was 0.7 percent lower in December compared with November 2008. This follows a 2.9 percent decrease in November 2008, the biggest decrease in the series since it began in October 2002.
Substantial falls in the non-retail and fuel retailing industries were the main contributors to the decrease in the total ECT value series in December 2008. A rise in the durables industry was the largest offsetter to these falls.
The total ECT trend series was comparatively flat during the first half of 2008; the growth rate strengthened slightly in June and July, but subsequently eased and has been negative since September 2008.
Electronic card transactions – retail industries
After adjusting for seasonal effects, the retail ECT value series was 0.5 percent lower in December 2008 compared with November 2008. This follows a 2.6 percent decrease in November 2008. The latest decrease was driven by a substantial fall in the fuel retailing industry, which was partly offset by rises in all other retail industries, particularly durables.
The growth rate in the retail ECT trend series has fallen every month since June 2008 and is now negative.
Electronic card transactions – core retail industries
After adjusting for seasonal effects, the core retail ECT value series increased 0.2 percent in December 2008 compared with November 2008. This follows a 0.5 percent decrease in November 2008. The durables industry was the main contributor to the increase in December, followed by rises in the apparel, hospitality, and services industries.
The growth rate of the core retail ECT trend series has been easing since August 2008 and was zero in December 2008.
Comparing the three series
The impact of rises in fuel prices, which peaked in July 2008, on the retail ECT trend can be seen in the following graph. The trend for the core retail series flattened after September 2007; it strengthened after May 2008, but levelled off again after September 2008. The flattening of the trend for the retail series began later and was shorter; it has been negative since August 2008.
The main difference between the two ECT retail series is that the automotive fuel retailing industry is not included in the core retail series. Automotive fuel retailing makes up approximately 80 percent of the value of the difference between the two series. Fluctuations in fuel prices have been a key factor influencing the trend of the retail series in recent months.
Other electronic card transaction statistics
- There were 99 million electronic card transactions with New Zealand-based merchants in December 2008, with a value of $5.6 billion. This compares with 95 million transactions in December 2007, also with a value of $5.6 billion.
- The mean transaction value for December 2008 was $57, compared with $54 in November 2008 and $59 in December 2007.
- For the year ended December 2008, debit transactions made up 54 percent of all electronic transactions by value (credit was 46 percent). The ratio of debit to credit transactions has remained relatively stable since the beginning of the series in October 2002.
- The mean number of transactions per person (based on the mean number of people present in New Zealand) for the year ended September 2008 was 232. This is up 6.4 percent from the year ended September 2007 (218 transactions).
- For the year ended September 2008, the mean value of transactions per person was $12,708. This is 6.1 percent higher than for the previous September year ($11,980).
Comparison statistics
Comparisons with the Retail Trade Survey
For November 2008, compared with October 2008, the seasonally adjusted figures, as first published, were as follows:
- total retail sales was unchanged
- core retail trade sales increased 0.3 percent
- retail ECT series decreased 2.3 percent
- core retail ECT series decreased 0.5 percent.
Other statistics
- For November 2008 compared with November 2007, actual credit card billings in New Zealand (including spending using New Zealand and overseas-issued cards), as issued by the Reserve Bank of New Zealand, declined 7.7 percent.
- For December 2008 compared with November 2008, the Food Price Index declined 0.2 percent.
For technical enquiries, contact:
Robin Loomes or Henry Minish
Christchurch 03 964 8700
Email: info@stats.govt.nz
Next release ...
Electronic Card Transactions: January 2009 will be released on 19 February 2009.