New Zealanders today hit a new record for spending: 131 EFTPOS transactions per second between midday and 1pm, leading to a total of 438,000 for that hour. All up, projections are for a record $225 million, give or take, to have been spent today.
As the country begins moving out of recession, this will be good news for retailers, many of whom make most of their profits at Christmas. But this zap to the economic system isn’t quite enough to get the entire country moving and growing again. Time and looser wallets will do that.
But if “consumer confidence” is returning, that’s a gift for the entire county.