New Zealand retail spending on electronic cards dipped in May as people dialled back expenditure on groceries and liquor.
Retail spending on credit and debit cards fell a seasonally adjusted 0.4 per cent last month, following a 0.9 rise in April, Statistics New Zealand said. Three of six retail industries fell in May, led by a drop in the consumables industry – which includes grocery and liquor retailing – which was down 0.7 per cent versus the prior month. Fuel retailing was down 1.8 per cent while hospitality spending was down 0.8 per cent.
Vehicle spending – excluding fuel – was unchanged on the month, while spending on durables inched up 0.1 per cent and spending on apparel gained 0.9 per cent.
The Reserve Bank is keeping a close…