New Zealand retail spending showed a modest lift in October, with seasonally adjusted electronic card transactions rising 0.2% on the month, according to Statistics New Zealand.

Annual growth was firmer, with actual card spending up 0.8% from a year earlier.

While the figures point to slightly improving momentum, analysts say the gains remain modest and reflect a cautious household sector amid high borrowing costs and stretched budgets.

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Electronic card data captures roughly two-thirds of core retail activity and remains the clearest monthly gauge of consumer demand.