New Zealand's December spending data just came in, and it's looking rough. Retail card spending dropped 0.1% month-on-month, while total spending fell a sharper 1.0% M/M. This kind of economic slowdown is worth watching—weakening consumer spending often signals broader economic headwinds that can ripple through risk assets and shape market sentiment in the months ahead. For those tracking macro trends and how they might influence crypto volatility, this is the kind of data point worth keeping on your radar.