Electronic card transactions at a glance
- There were 84 million electronic card transactions with New Zealand-based merchants in July 2008, with a value of $4.6 billion. This compares with 79 million transactions in July 2007, with a value of $4.3 billion.
- There were 1.0 billion electronic transactions in the year ended July 2008, with a value of $55.5 billion. This compares with 929 million transactions with a value of $51.5 billion in the July 2007 year.
- The mean transaction value for July 2008 was $55, which was the same as recorded in July 2007. This follows on from the $54 recorded for June 2008 and the annual high of $59 for December 2007.
- For the year ended July 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 percent over that time.
- The mean number of transactions per person (based on the mean number of people present in New Zealand) for the year ended June 2008 was 228. This is up 7.4 percent from the year ended June 2007 (212 transactions)
- For the year ended June 2008, the mean value of transactions per person was $12,565. This is 6.7 percent higher than for the previous June year ($11,780 ).
Total electronic card transactions
Value
The total value of electronic card transactions with New Zealand-based merchants was $4.6 billion in July 2008. This was 7.3 percent higher than the $4.3 billion recorded for July 2007.
After adjusting for seasonal effects, the total ECT series was 0.4 percent higher in July 2008, which followed on from a 0.4 percent decrease in June. The durables, fuel retailing and consumables industries were the main contributors to this increase, and were partly offset by decreases in the non-retail and hospitality industries.
The trend in total ECT has flattened since March 2008, with a monthly growth rate of 0.1 percent for each of the last three months – the slowest rate of increase since the series started in October 2002. For the previous four years, the total ECT trend series has generally grown between 0.5 and 1 percent per month. 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 84 million electronic card transactions with New Zealand-based merchants in July 2008. This was 6.5 percent higher than in July 2007, when there were 79 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 0.8 percent higher in July 2008 than in June 2008. The durables, fuel retailing, consumables and apparel industries all increased and were partially offset by a decrease in the hospitality industry.
The trend in the retail ECT series flattened between January and April but has increased from then. Prior to January 2008, the monthly growth in the retail ECT trend generally ranged between 0.5 and 1.0 percent.
Number of transactions
There were 75 million electronic card transactions in the retail industries in July 2008. This was 6.1 percent higher than in July 2007, when there were 70 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 1.2 percent in July 2008 following a 1.5 percent decrease in June. The core series has been variable since March 2008 with alternating monthly decreases and increases.
The trend in the core retail ECT series has flattened since September 2007. For the previous four years the core retail ECT trend series has almost always shown growth between 0.5 and 1 percent per month.
Number of transactions
There were 63 million electronic card transactions in the core retail industries in July 2008. This was 6.7 percent higher than in July 2007, when there were 59 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 July 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, whereas for the retail series the trend continued to increase.
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.
Electronic card transactions share of spending
The share of electronic card transactions in the retail industries has been slowly increasing over time. The mean share of retail spending for the year ended June 2008 was estimated as 58.8 percent compared with 57.2 percent for the year ended June 2007.
The electronic card transactions share of retail spending varies significantly between individual retail industries. For example, the share is higher than average in industries such as automotive fuel retailing, footwear retailing, supermarket and grocery stores, clothing and softgoods, and department stores. It is much lower than average in industries such as automotive repair and motor vehicle retailing.
Comparison statistics
Comparisons with the Retail Trade Survey
For June 2008 compared with May 2008, the seasonally adjusted figures, as first published, were as follows:
- total retail sales increased 0.9 percent.
- core retail trade sales were flat.
- retail ECT series decreased 0.4 percent.
- core retail ECT series decreased 1.2 percent.
Other statistics
- For June 2008 compared with June 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 5.7 percent.
- For June 2008 compared with May 2008, the Food Price Index rose 1.3 percent.
For technical enquiries, contact:
Henry Minish or Blair Cardno
Christchurch 03 964 8700
Email: info@stats.govt.nz
Next release ...
Electronic Card Transactions: August 2008 will be released on 22 September 2008.