Retail spending fell for a second month in March, dragged lower by reduced spending on fuel and durable items, Statistics New Zealand figures released yesterday showed.
Total electronic card transactions for March fell 0.3% when the market had forecast a rise of 5% for the month.
Annually, card spending was up 4.9%, despite the fall.
ASB chief economist Nick Tuffley said core spending growth was now in the red for four of the last five months.
Even with the dips, the level of spending remained near record highs, although there was some concern over future growth.
That was especially evident in durable goods, such as washing machines, refrigerators and furniture, he said.
''We expect spending growth to remain supported by migration, the firm labour market and still historically-low interest rates. But in the near-term, significant growth may be elusive.''
The result held no implications for the ASB's official cash rate view. The ASB continued to expect the Reserve Bank to remain on hold at 1.75% until late next year, Mr Tuffley said.
Hospitality spending was close to flat in March after February's fall. In the coming months, the World Masters Games, in Auckland, and the British and Irish Lions tour in June and July should support that sector.
In the longer-term, the issue for the hospitality sector was likely to be one of capacity. There was anecdotal evidence the difficulty of finding a bed for a night was already building, he said.
Fuel spending growth contracted by 1.9%, in line with falling fuel costs.
