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HomeNEWSKiwis spend up for Black Friday

Kiwis spend up for Black Friday

Good Friday left its mark on Kiwis as Paymark results show retail spending jumped dramatically for the one day shopping holiday.

Good Friday left its mark on Kiwis as Paymark results show retail spending jumped dramatically for the one day shopping holiday.

Paymark, New Zealand’s leading electronic payments company, have surveyed the spending through its platform for Black Friday, and compared its results to the previous year.

Merchants within the core retail sector, excluding hospitality of any kind, reported spending on Friday through the Paymark network up 32.8 percent on the previous Friday and up 25.2 percent from the previous year.

The spending rise was evident across all regions, including rural. Department stores, apparel, hardware, appliance and jewellery retailers all saw a rise in profit from last year as they got involved with the holiday.

The increase in Black Friday spending was less pronounced in Auckland/Northland, where a moderate Black Friday effect had been evident in previous years.

In total, Paymark saw $219.0 million worth of transactions on Friday, which was up 10.9 percent on Black Friday 2016.

The annual spending increase was highest in the Paymark defined region of Marlborough, which includes Kaikoura, up 23.6 percent on the previous year. Despite having the highest increase, the region still had the lowest volume of transaction in millions, meaning the spike could have been caused by slow spending last year right after the earthquake.

According to Paymark data, places where Black Friday spending was less obviously in previous years saw the biggest increases. While the larger cities that are heavily commercial saw a more steady rise, rather than a dramatic increase.

In total, according to Paymark, the whole of New Zealand saw a transactional annual change by 11.3 percent, or $219 million. 

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