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New Zealand Retail Spending on Westpac-Issued Cards Rises in July Amid FIFA World Cup Boost

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Per-person spending on Westpac-issued credit and debit cards in New Zealand rose 2% in July after mostly trending sideways earlier in the year, the bank said in a Tuesday report.

The jump coinciding with the FIFA World Cup and was supported by a fall in fuel prices, as the price of 91-unleaded averaged AU$2.96 per liter over July, down from over AU$3.11 in June, the bank said.

July saw a nearly 3% lift in spending on groceries, while spending on utilities gained 2% partly due to significant increases in electricity prices over the past year, according to the report.

Discretionary spending also nudged higher in July, including a 5% increase in spending at restaurants and a 2% rise on other entertainment spending.

But while fuel prices have eased from earlier highs, they remain well above levels seen before the war in the Middle East, pressuring household budgets and pushing many New Zealanders to change spending habits, Westpac said.

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New Zealand Retail Spending on Westpac-Issued Cards Rises in July Amid FIFA World Cup Boost | FINWIRES