Flowers over car accessories

Flowers over car accessories

paymarkPaymark network spending patterns reveal that Father’s Day gifts have changed over the years, with increased spending on flowers over car accessories.

The data shows that overall the value of underlying spending that passed through the Paymark network decreased 0.8% in seasonally adjusted terms between July and August. This was partly due to lower spending on fuel, but there were also declines amongst other sectors.

However, it will take several more weeks to determine whether the spending momentum has slowed or whether a pre-occupation with the Olympic Games or other distractions are to blame during the month.

Relative to the same month last year, underlying spending was up 4.8% across New Zealand. This is below the 7.4% rate averaged over the first six months of 2016.

father's day dragsA hint that the slowdown may not represent a general change in growth momentum comes from the mixed nature of the regional figures. The annual underlying spending growth rate declined in seven of the 17 regions monitored by Paymark, including the major centres. However, the annual growth rate increased in the other ten regions, including in Gisborne (spending up 9.3% August-to-August) and Bay of Plenty (+8.9%), the two fastest growing regions, and in Nelson (-0.3%) and West Coast (+0.6%), the two slowest growing regions.

A similar mixed situation emerges when looking across sectors within the month. The weekly profile of the annual underlying spending growth rate shows slow growth during the two weeks of the Olympic Games. However, there were periods before the games when annual growth has also been low recently. The pattern was not consistent across retail sectors.

For example, there was slower growth amongst housing-related retailers during August but this slowdown did not correspond to the Olympic Games.
Elsewhere the annual growth rate remains strong, such as amongst hospitality merchants.

The end result is a slower August month, with inconsistent patterns across regions, sectors and time.

And as to Father’s Day, dads received the traditional books and sports equipment, with both categories rising in the four days leading into Father’s Day when compared with the previous week.

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