ONLY CHARTS #504

NZ consumer spending, NZ population growth, NZ composite PMI, US CPI, China credit

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1. Nominal domestic spending using debit and credit cards in New Zealand fell a further 0.7% m/m in January after declined 1.3% m/m in December. Retail spending declined 1.1% m/m in January.

Spending in January had fallen back to the level in October (and before the sharp rise during sales events in November).

2. New Zealand’s population grew +0.6% y/y in Q4 2025. This was a modest increase on the downwardly revised Q3 outcome.