Friday, December 9

Tag: emerging

Kiwis spent big on entertainment as Covid restrictions eased
Entertainment

Kiwis spent big on entertainment as Covid restrictions eased

Rugby fans at the World Cup match between New Zealand and Australia held at Eden Park on Saturday. Photo / Dean PurcellConsumer spending continues to hold up, although signs of a slowdown are emerging, according to the latest Spending Tracker from Kiwibank.Kiwibank electronic card spending rose 3.1 per cent in the September quarter.A big jump in spending on entertainment and a broad shift towards spending on services, and away from goods, underpinned the trend."Historically low unemployment continues to support households' income, and in turn, consumption," said Kiwibank chief economist Jarrod Kerr."Households however are faced with a tough trio of rising interest rates, elevated cost of living, and falling house prices."In an increasingly expensive environment, the appetite to spend weake...