Regions Outspending City Cousins
Consumers in regional centres are outspending those in the main centres, according to figures from leading Eftpos provider Paymark.
The figures from Paymark - which processes over 75 percent of all electronic transactions in the New Zealand retail market - show spending in Auckland/Northland, Christchurch and Wellington has increased a "conservative" 1.8 percent from February 2009 to February 2010.
This compares to a "more impressive" 3.4 percent increase in the rest of the country.
Paymark chief executive Simon Tong said the figures should be a source of cautious optimism especially for regional centres.
He noted however that "strong growth for the country as a whole remains to be seen".
Spending for the country as a whole was up 2.3 percent.
The fastest growing regions in terms of year-on-year spending were Gisborne (up 8.6 percent), Otago (5.6 percent) and Waikato (4.6 percent).
Paymark said the spending patterns reflected increased numbers of tourists coming into the country.
Spenders were still cutting back on discretionary spending with declines seen in housing-related sectors like furniture, hardware and appliances as well as in clothing stores.
The restaurant and cafe sector bucked this trend with spending growth of 7 percent.
Source: www.stuff.co.nz
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