Kiwis warned about price hikes on Boxing Day

Research from PriceSpy released today shows most Kiwis plan to shop on Christmas Eve and Boxing Day this year.

The survey conducted by British market research group 3Gem showed 60 per cent of Kiwis plan to shop on Christmas Eve or Boxing Day this year despite the rise in living costs.

PriceSpy warns consumers to research goods before they buy.

“PriceSpy encourages consumers to always conduct their own independent pricing research before buying, as many products are subjected to a price hike on Boxing Day.”

Infometrics principal economist Brad Olsen. Photo / Jess Wong

The survey found that almost three out of 10 Kiwis don’t plan to spend across any sales events in the next year.

The research found that Boxing Day last year outperformed sales on any other day of the year, including Black Friday.

PriceSpy’s Price Index however showed slightly lower prices on Black Friday last year.

The group’s price index fell 5.54 per cent on Boxing Day last year while prices dropped by 5.62 per cent during Black Friday.

While the survey leading up to Black Friday found more shoppers planned to spend, actual figures this year showed spending was down 6.9 per cent from last year.

Sales in Auckland and Northland had the biggest fall while spending in Southland was up 6 per cent from last year. Southland was the only region to see a rise in spending.

Spending in Canterbury was down 9 per cent while Wellington was down 10 per cent.

Infometrics Principal Economist Brad Olsen said slowed spending in larger cities like Auckland and Wellington suggests people are spending less despite inflated figures.

“Relative to 2019, you’ve got slower growth in Auckland and Wellington. Those percentage gains are smaller than the national average, which suggests a bit of a lull coming through in the major metro areas.”

3Gem conducted the research across 500 respondents across New Zealand, and adjusted for demographics including age and region.