Satish Ranchhod: Westpac senior economist on retail card spending dropping across all industries

Retail card spending fell $113 million last month, compared to April - across all industries. Stats NZ data shows the largest contributor to the 1.7 percent drop was fuel, down $25 million, followed by apparel, which fell $13 million. Westpac senior economist Satish Ranchhod says it's a weaker result than expected. "We thought those increases in migration, as well as those increases in prices, would have seen spending rising. Instead, what we're seeing is those pressures on household finances really are squeezing spending appetites."  LISTEN ABOVESee omnystudio.com/listener for privacy information.