Christmas spending takes off

Fairfax

DECK THE BILLS: Retailers are slashing prices in pre-Christmas sales.

Relevant offers

Industries

Hiring stalls as Christchurch rebuild slow Miner hopes for hearing this year Shareholders query CEO's share option Stocks down despite Greek news ANZ Bank to axe 1000 workers 'Mondayising' could cost $200m Action launched over Feltex statement ANZ, Westpac can bank on their brand Freightways profit soars Bathurst court date possible today

The Christmas spending spirit has shaken off any post-recession blues, with shops full and electronic transactions up 6 percent.

A slow start to the Christmas season has been eclipsed by a rise in recorded eftpos and credit card transactions in the past three weeks.

Transaction numbers recorded by Paymark were up 7.5 percent on the same period last year and the value of spending was up 6.2 per cent.

Retailers banking on Christmas to boost a lacklustre year would be happier with every day of festive shopping bustle, Paymark chief executive Simon Tong said.

"The pickup in Christmas has taken place. We are in for a bumper Boxing Day if this pattern continues."

In the three weeks to December 21 shoppers had spent $2.8 billion with the average transaction just over $50.

Wellington's Golden Mile shopping strip along Lambton Quay and Willis St was busy yesterday with queues at free wrapping stations in some shops and stores selling out of popular items.

Staff at department stores Kirkcaldie & Stains and Farmers said they had noticed a sluggish start to the seasonal retail rush but said the Christmas fever had eventually got the best of any lingering feelings of belt-tightening.

Vault Design Store manager Penelope Tunley said the last minute crowds were helping store receipts into line with forecast sales for December.

- © Fairfax NZ News