25 Dec 2009

Increased consumer confidence seen as reason for spending

8:57 am on 25 December 2009

The Newmarket Business Association in Auckland says increased consumer confidence led to a surge in spending on Christmas Eve.

Paymark, which handles three quarters of electronic transactions in New Zealand, estimates more than $220 million was spent on Thursday.

There was also a new record set for Christmas Eve EFTPOS transactions for what is traditionally the peak hour.

Paymark recorded 131 transactions per second between midday and 1pm.

The association says Thursday's shopping activity was a lot stronger than last year.

It says the current state of the economy probably meant people were reluctant to part with their money until the last minute.