Subscribe to RSSPre-GST Petrol Spendup
Kiwis went on a mad petrol buying spendup the day before GST went up.
On Thursday, petrol sales were up 44% on what they would normally be, according to Paymark, which processes 75% of all electronic transactions in New Zealand
I certainly saw lots of queues on Thursday night at stations.
But it wasn’t just petrol spending.
Kiwis hit the shops and pushed an extra $35.8 million through retailers’ registers last Thursday (compared to the same day last year.
Almost all sectors benefited from the pre-GST rush, but it comes as no surprise that the largest increases were felt in petrol stations (+ 44 per cent) and supermarket outlets (+ 33 per cent) which, combined, took in an extra $14 million on the day.
With summer on the way, the pre-GST spend-up provided builders/home renovators and DIY enthusiasts with the perfect excuse to purchase materials - building suppliers were up 145 per cent, and hardware suppliers up 207 per cent.
Despite experiencing a slow few days prior to Thursday, travel agents were up 46 per cent and electronics stores experienced an 89 per cent increase.
The petrol, supermarket, building, hardware, travel and electronics sectors accounted for approximately 75 per cent of Thursday’s total cash injection, with remaining sectors enjoying an average 12 per cent increase.
Palmerston North experienced the biggest surge on the day, up 45.9 per cent.
However, the one-day spending spree had little effect on overall performance in September, with transactional volume across the country steady at 4 per cent, and value up 3.6 per cent year-on-year.
Paymark Head of Sales and Marketing, Paul Whiston, says that despite the extra dollars pushed through our network on Thursday last week, September remained relatively flat throughout the country.
“The majority of regions are experiencing mixed growth patterns, which we have seen a lot of this year,” concludes Whiston.
By region, Gisborne, South Canterbury and Palmerston North experienced the largest gains in terms of value, increasing 7.0%, 9.9% and 9.7% year-on-year, respectively.
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