Christmas already a winner for retail

Annual growth rates for the first 14 days were strongest in Hawke’s Bay and West Coast. Spending growth was lowest in Gisborne and Marlborough region (that includes Kaikoura in Paymark’s coding), both due to exceptional circumstances.

The majority (52%) of spending remains through debit cards although the growth rate is faster through credit cards, which today also includes contactless cards.

As an insight into the pre-Christmas spending patterns, the spending rises through the day from 6-7am to reach a peak between noon and 1pm most days and then gradually tapers off.