City in spendup

23:58, Mar 11 2014

Electronic payment processor Paymark recorded a 7.4 per cent rise in retail spending across its network last month compared with February last year, with Marlborough topping the country for spending growth.

Palmerston North followed, with year-on-year growth of 9.2 percent.

Figures released yesterday by the bank-owned eftpos operator showed electronic card spending continued to grow last month.

Paymark's figures do not account for seasonal variations, while Statistics New Zealand figures do.

Paymark's figures showed hospitality spending was up last month.

Accommodation providers had year-on-year growth of 14 per cent in February. Spending at cafes and restaurants was up 12.5 per cent, bars and clubs were up 10.1 per cent and spending on takeaways was up 10.5 per cent.

Paymark head of customer relations Mark Spicer said the figures showed New Zealand was reaching a more mature stage of the business cycle.

Marlborough continued to lead the charge, with annual spending growth of 12.1 per cent. Palmerston North followed, with year-on-year growth of 9.2 per cent.