In a notable shift, New Zealand's credit card spending has made a comeback, marking a 1.3% increase year-over-year as of February 24, 2025. This welcomed upswing is in stark contrast to the -1.3% decrease reported in December 2024. The data indicates a strong return of consumer confidence, providing a positive indicator of the country's economic resilience.
The reversal comes after a challenging period marked by the downturn in December 2024. Analysts suggest that this rise in credit card spending could signal broader economic recovery trends as consumers regain confidence in their financial stability and begin to increase their expenditure after a cautious period.
The year-over-year comparison paints an optimistic picture, suggesting that despite recent economic challenges, such as inflationary pressures and global uncertainty, New Zealanders are feeling more assured in their purchasing power. This data offers a promising outlook for businesses and policymakers focused on sustaining economic growth and stability in the months ahead.