Despite Record Spending in 2023, Average Transaction Value Drops by 1.5%

A new report has shown that, despite record spending taking place in 2023, the average transaction value decreased by 1.5% - suggesting consumers were more cautious with their purchasing decisions.

Core retail merchants in Worldline NZ's payments network reached $36.8bn for the year, up 3.8% from 2022, but the average transaction size was $51.10.

While consumers made more transactions, the average transaction value declined, despite inflation.

The trend towards lower transaction values continued across food and liquor stores, clothing and footwear, and hardware, garden and furniture outlets.