Total credit card billings in New Zealand fell a seasonally adjusted 3.1% month-on-month in March, following a 0.6% rise in February, the Reserve Bank said Thursday. Credit card spending declined in March after rising in the previous two months.

Domestic card spending dropped 3.5% in March, following a 1% rise in February. Overseas card spending rose 0.2%, in contrast to a 2.3% fall in the preceding month.

In March, while domestic card spending declined to reverse the increase in the previous two months, overseas card spending rose after falling in January and February.

Year-on-year, the total credit card spending slipped 5% in March, faster than a 2% fall in February, and representing the fifth consecutive month of decline. Domestic card spending also dropped for the fifth consecutive month, by 4.8% in March compared to a 1.8% fall in February. Overseas card spending slipped for the second consecutive month, declining 6% in March compared to a 3.5% fall in the preceding month.

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