New Year’s Eve Spending Leaps By 23%

New Year’s Eve Spending Leaps By 23%

- $2.9 Billion Record For Christmas Spending -

Statement made by Darryl Roots, Paymark spokesperson

It was the biggest Christmas on record for retailers in December reveals the Paymark Pulse report. The report shows shoppers spent $2.9 billion through the Paymark system in December 2002, 11% more than in 2001 ($2.6 billion).

Paymark delivered New Zealand retailers the Christmas present they wanted most, a trouble free run over the holiday season as the country sent electronic transaction records tumbling.

During the 24 hours of December 24, New Zealanders spent $160 million, 22% higher than the previous record set on Christmas Eve 2001 ($131 million).

The Paymark system processed in excess of 89.06 transactions a second on Christmas Eve without any problems.

Over the two days from the 1st of January 2003 to the 2nd of January 2003, New Zealanders spent a record total of $107.5 million. This was a leap of 17% from $92.2 million for the same period a year ago.

On New Year’s Eve the Paymark system transferred $96 million from the accounts of individuals into the accounts of retailers. New Year’s Eve spending went up 23% on 2001’s New Year’s Eve figure of $78 million.

Christmas Eve is traditionally New Zealand’s biggest shopping day of the year followed by New Year’s Eve.

The significant increase in spending supports recent consumer and business confidence survey results from the last quarter of last year, which show that businesses and consumers are very optimistic.

Recorded spending was up throughout New Zealand with notable increases for the last week of December in Canterbury (12%), Northland/Auckland (12.2%), Southland (11.5%), South Canterbury (11%), and Wairarapa (12%).

The Paymark system, run by ETSL is one of the most reliable worldwide, and has been awarded the prestigious International Tandem User Group Award for systems availability for five of the past six years.

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