A report released by the Reserve Bank of New Zealand (RBNZ) this morning published the latest findings on the level of consumer spending taking place through the medium of credit cards. The findings revealed a 7.3% increase, year-on-year, in such personal expenditures among New Zealanders.
Credit card spending differs from other types in the sense that it bears a correlation to consumer confidence in future economic growth. Typical consumer spending is the use of disposable income, but credit card spending is a commitment to future income. The growth represents a positive indicator for growing optimism in New Zealanders’ outlook on their economy.
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