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.
If you have any queries regarding any of these articles, or your Merchant Facility in general please contact BNZ's EFTPOS & Internet Merchant Sales and Services team on 0800 737 774, Option 4.
In the latest Retailer News
October 2017, see previous articles
Tony’s Take – Economic commentary from BNZ Chief Economist Tony Alexander
Conditions remain good for the pace of growth in spending by consumers in New Zealand. The labour market is strong, interest rates remain low, population growth remains high, and readings of consumer sentiment remain at above average levels. There may well be a slight easing in growth heading into the election, but if so, then it seems reasonable to expect some recovery once the election outcome is known, unless there is a change in government and consumers begin to worry about how much taxes will eventually rise.
The problem for retailers however is that while big changes
in the pace of economic growth can still have a big influence on their sector, the bigger factor affecting many retailers currently is increased competition from online businesses, quicker changes in consumer tastes, and greater resistance by consumers to price increases – whether they are justified or not by cost increases. Margin pressures look like remaining and rationalisation in many sectors due to increasing online competition looks highly likely to continue, and perhaps strengthen soon.
UnionPay Online Payments is now available
We’re excited to let you know that online merchants using the Payment Express PXPay2 e-commerce platform can now take payments from UnionPay International cardholders using our new UnionPay Online Payments (UPOP) product. If you’re interested in UPOP for your business contact our Merchant Helpdesk on 0800 737 774 for more information.
Read more in the latest Retailer News PDF 53KB October 2017
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