In a surprising turn of events, New Zealand's credit card spending in November 2024 has exhibited a significant downward trend, with the current indicator showing a notable decrease to -3.2% year-over-year. This marks a stark contrast to the previous month's indicator, which had settled at a modest growth of 0.3%.
The updated data, released on December 20, 2024, highlights a concerning shift in consumer behavior as the credit card spending indicator plunges into negative territory. The November figures are particularly striking given that they not only represent a reversal of the positive momentum observed in the previous month but also suggest a deeper contraction when compared to the same period last year.
Economists and financial analysts are closely monitoring these developments, as the dip in spending could signal potential economic headwinds. The decline may be attributed to a mix of rising interest rates, increasing cost of living, or evolving consumer saving habits, but further analysis and data over the coming months will be crucial to fully understand the underlying causes and implications of this change in consumer spending behavior.
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