Get the latest retailer news on the New Zealand economy and merchant business in our monthly Retailer News. Each issue covers a range of topics, including merchant service updates, credit card fraud, and economic commentary from BNZ Chief Economist Tony Alexander.
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In the latest Retailer News
November 2016, see previous articles
Tony’s Take – Economic commentary from BNZ Chief Economist Tony Alexander
One of the key drivers of retail spending is the level of confidence which consumers have about the economy. If people are pessimistic about the economy, they will worry about their jobs and likely cut back on spending. If they are confident, then expectations of good job opportunities and wages growth will tend to boost spending. One monthly gauge of consumer confidence recently rose to its highest level in two years to sit 9% above its ten-year average.
This tells us that going into Christmas the tills are likely to be ringing strongly. The spending consumers do will be boosted by rising house prices in most parts of the country, making many people feel wealthier, and booming tourism boosting spending in the hospitality sector. On top of that, interest rates remain at their lowest levels since the 1960s, so people see little incentive to save and little opportunity-cost to spending. International dairy prices have recovered 67% since their lows in March, and the country’s population growth rate remains aggressively boosted by record (and still rising) net migration inflows. This summer is likely to be a boom period for retail spending.
BNZ launches Android Pay™ in New Zealand
In a New Zealand first, BNZ has partnered with Google™ to launch Android Pay - a fast and convenient mobile wallet. Customers with a BNZ Flexi Debit Visa card can now use Android Pay wherever contactless payments are accepted.
Read more in the latest Retailer News PDF 46KB November 2016
If you have any questions, or need some help, please contact our EFTPOS & Internet Merchant Sales and Services team on 0800 737 774, Option 4.
Previous Retailer News articles