Overnight research from Opinion Compare reveals that while on lockdown, the average Kiwi is spending close to a third less than what they normally do. A nationally representative survey of n=712 New Zealanders 18+ conducted on the 16th of April identified in the last 3 weeks, 61% of the population believed they had spent less than normal, with only 12% spending more
Table: In the last 3 weeks, do you think you have …
|
Spent less |
61% |
|
Spent the same |
27% |
|
Spent more |
12% |
Thriftiness in current conditions correlates with age; with the older generations the most likely to nominate a reduction of spend, while less than half of Millennials believed their spend have decreased (37% nominated it had stayed the same).
Table: Spent less BY age …
|
18-34 |
49% |
|
35-44 |
60% |
|
45-54 |
63% |
|
55-64 |
70% |
|
65+ |
75% |
And when asked to estimate the decrease in their spend, it’s an overall reduction of 32%, while interestingly it’s the Millennials who had decreased their spend that did so the most
Table: % Decreased Spend
|
18-34 |
36% |
|
35-44 |
31% |
|
45-54 |
35% |
|
55-64 |
29% |
|
65+ |
29% |
Gavin Male, CEO of Opinion Compare, said “while the latest Opinion Compare research isn’t surprising based on the weekly insights we’ve uncovered, the deliberate cut in spending on things like socialising and leisure activities is starting to see money staying in the bank. Millennials are an interesting segment – while they are less likely to have spent less, those that did, were the highest of the age groups. Perhaps it’s only one avocado on one bit of toast these days. Overall though, the juxtaposition between the desire to support local business but looking after your own interests is starting to play out in lockdown and you have to wonder what the next couple of weeks will bring.”
If you are spending less than usual, this is a great time to start saving or top up your Kiwisaver.
