Paymark says pre-Christmas shoppers are spending less than last year.
Latest electronic spending figures show consumers have spent $2.7 billion in 51 million transactions - 4.2% less than this time last year.
While the number of transactions is up 5% on last year, Paymark says it is only half of what it would expect for the year.
It says retailers will be waiting for a big spike in consumer spending on Boxing Day.