Total electronic card transactions
After adjusting for seasonal effects, the total ECT value series was 2.8 percent lower in November 2008 compared with October 2008. This was the biggest drop in the series since it began in October 2002. The previous largest fall (1.4 percent), which occurred in December 2005, was linked to a processing outage that prevented customers from making transactions at the point of sale.
The fuel retailing industry was the main driver of the fall in the total ECT value series in November 2008, which coincided with a substantial decline in fuel prices. The non-retail industries also decreased in November compared with October.
The total ECT trend series was comparatively flat during the first half of 2008; the growth rate strengthened slightly in June and July, but has eased since then and is now almost flat.
Electronic card transactions – retail industries
After adjusting for seasonal effects, the retail ECT value series in November 2008 was 2.3 percent lower than in October 2008. This fall was driven by the fuel retailing industry. Smaller falls in the hospitality and durables industries were offset by a rise in the consumables industry.
The growth rate in the retail ECT trend series fell to zero in November 2008, after easing each month since July.
Electronic card transactions – core retail industries
After adjusting for seasonal effects, the core retail ECT value series decreased 0.5 percent in November 2008. The hospitality and durables industries were down in November, and were partly offset by rises in the consumables and apparel industries.
The core retail ECT trend series appears to have been easing since August 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 started to level off after September 2007 before returning to a stronger increase after May 2008, whereas the flattening of the retail series trend began later and was shorter, strengthening again from April 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 88 million electronic card transactions with New Zealand-based merchants in November 2008, with a value of $4.8 billion. This compares with 85 million transactions in November 2007, also with a value of $4.8 billion.
- The mean transaction value for November 2008 was $54, compared with $53 in October 2008 and $56 in November 2007. The high for the year ended November 2008 was $59 in December 2007.
- For the year ended November 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 October 2008, compared with September 2008, the seasonally adjusted figures, as first published, were as follows:
- total retail sales decreased 1.3 percent
- core retail trade sales increased 0.8 percent
- retail ECT series increased 0.5 percent
- core retail ECT series increased 1.0 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 8.0 percent.
- For November 2008 compared with October 2008, the Food Price Index rose 0.8 percent.
For technical enquiries, contact:
Robin Loomes or Henry Minish
Christchurch 03 964 8700
Email: info@stats.govt.nz
Next release ...
Electronic Card Transactions: December 2008 will be released on 22 January 2009