Electronic card transactions at a glance
- There were 85 million electronic card transactions with New Zealand-based merchants in August 2008, with a value of $4.6 billion. This compares with 81 million transactions in August 2007, with a value of $4.4 billion.
- There were 1.0 billion electronic transactions in the year ended August 2008, with a value of $55.7 billion. This compares with 937 million transactions with a value of $51.9 billion in the August 2007 year.
- The mean transaction value for August 2008 was $54, which was the same as recorded in August 2007. This follows on from the $55 recorded for July 2008 and the annual high of $59 for December 2007.
- For the year ended August 2008, debit transactions made up 53 percent of all electronic transactions by value (credit was 47 percent). The ratio of debit to credit transactions has remained relatively stable since the beginning of the series in October 2002, with the credit ratio increasing 2 percentage points over that time.
Total electronic card transactions
Value
The total value of electronic card transactions with New Zealand-based merchants was $4.6 billion in August 2008. This was 4.6 percent higher than the $4.4 billion recorded for August 2007.
After adjusting for seasonal effects, the total ECT series was 0.8 percent higher in August 2008 compared with July 2008, which followed on from a 0.7 percent increase in July. The consumables and non-retail industries were the main contributors to this increase, which was partly offset by a decrease in the fuel retailing industry.
In August 2008 the total ECT trend series was 5.1 percent higher than in August 2007. This annual increase was the smallest since the series began in October 2002. The trend reflects not only changes in consumer spending and prices, but also changes in merchants' and customers' use of payment methods.
In the graph below, the seasonally adjusted and trend series almost match, which indicates a very regular seasonal pattern.
Number of transactions
There were 85 million electronic card transactions with New Zealand-based merchants in August 2008. This was 4.9 percent higher than in August 2007, when there were 81 million transactions.
Electronic card transactions – retail industries
The retail ECT series is a subset of the total ECT series, and measures transactions in the retail sector.
Value
After adjusting for seasonal effects, the retail ECT series was 1.1 percent higher in August 2008 than in July 2008. The increase was largely driven by the consumables industry. However, this was partly offset by a decrease in the fuel retailing industry.
The trend in the retail ECT series flattened between January and April but has increased from then
Number of transactions
There were 76 million electronic card transactions in the retail industries in August 2008. This was 4.8 percent higher than in August 2007, when there were 72 million transactions.
Electronic card transactions – core retail industries
The core retail ECT series is a subset of the retail ECT series. The core retail industries exclude the motor vehicle-related industries, which, apart from automotive fuel retailing, generally have low rates of electronic transactions.
Value
After adjusting for seasonal effects, the core retail ECT series increased 1.7 percent in August 2008 following a 1.7 percent increase in July and a 1.7 percent decrease in June. This month's increase was largely driven by the consumables industry. Other increases were in durables, hospitality and apparel.
The trend in the core retail ECT series flattened between October 2007 and May 2008, but has been increasing since then, up 1.4 percent since May.
Number of transactions
There were 64 million electronic card transactions in the core retail industries in August 2008. This was 5.6 percent higher than in August 2007, when there were 61 million transactions.
Comparing the three series
Values
The three unadjusted series (for total, retail and core retail electronic card transactions) have similar seasonal patterns, peaking in December each year. For the year ended August 2008, 79 percent of electronic transaction spending took place in the retail industries.
The impact of rises in fuel prices on the retail ECT trend can also be seen in the following graph. The trend for the core retail series started to level off after about September 2007 before returning to a stronger increase, whereas for the retail series the flattening of the trend was smaller, strengthening again from April.
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.
Number of transactions
The three ECT series for the numbers of total, retail and core retail electronic card transactions have similar seasonal patterns to those for the transaction values, peaking each December.
Comparison statistics
Comparisons with the Retail Trade Survey
For July 2008 compared with June 2008, the seasonally adjusted figures, as first published, were as follows:
- total retail sales decreased 0.8 percent.
- core retail trade sales decreased 0.2 percent.
- retail ECT series increased 0.8 percent.
- core retail ECT series increased 1.2 percent.
Other statistics
- For July 2008 compared with July 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, increased 4.9 percent.
- For August 2008 compared with July 2008, the Food Price Index rose 2.7 percent.
For technical enquiries, contact:
Henry Minish or Christine Sadler
Christchurch 03 964 8700
Email: info@stats.govt.nz
Next release ...
Electronic Card Transactions: September 2008 will be released on 20 October 2008.