Kiwis Planning Ahead for Christmas Spending

Kiwis Planning Ahead for Christmas Spending

Auckland, New Zealand – December 1, 2015 – A new MasterCard survey has revealed 63 per cent of Kiwis save and buy presents throughout the year to help manage their Christmas spending.

The MasterCard commissioned research on Christmas shopping habits found 32 per cent of Kiwis choose to save throughout the year to fund Christmas purchases, while another 31 per cent buy presents throughout the year to spread the costs.

“It’s great that Kiwis take practical steps to reduce the impact the Christmas season has on their finances. The holiday season is a busy time of year where household expenditure tends to rise with Christmas parties, presents and summer holidays, and the more prepared we are financially, the better,” says Peter Chisnall, Country Manager for MasterCard New Zealand.

The annual survey found New Zealanders felt less financially stressed with the prospect of this year’s Christmas than they had in previous years, with only a quarter saying they felt more financially stressed compared to 33 per cent in 2014.

“The Christmas period should be a time to recharge and celebrate, rather than being caught up with financial stress. This year 24 per cent of people surveyed are planning to spend less this Christmas, up 6 per cent compared to last year (18 per cent).

“The best way to manage additional expenses that come with the festive season is to create a strategy and budget that works for you and stick to it. Research results this year are encouraging, as it appears Kiwis are adopting sensible Christmas spending habits as they head into the holiday season,” says Chisnall.

Most people plan to buy gifts for family and friends with three quarters of Kiwis planning to buy up to 10 presents this festive season.

Women the biggest present givers, and are more than twice as likely as men to purchase gifts for 16 or more people.

For those who are helping Santa, a fifth plan to spend $300, while 60 per cent intend to spend under $150 on their children.

Men are slightly more prepared to spend big on their partners this year with 21 per cent of those surveyed saying they will spend between $251 -$300. This is compared to 16 per cent of women who plan to spend that much.

While men might spend highly on their partners, when it comes to their siblings, 37 per cent will not spend more than $50 on each sibling. Women are very similar, with 34 per cent not prepared to spend more than $50 on a sibling.

Out of all the people Kiwis buy for, we spend the least amount of money on our friends and extended family members, with 66 per cent said they would spend between $50 to $150 on our parents and in-laws, and 20 per cent saying they would spend $1 to $50.

Overall, most of us (64 per cent) are planning to spend the same amount on Christmas this year as we did last year. As a total household, most people say they’ll spend between $251 to $500 on items such as food, travel, presents and decorations.

ENDS

© Scoop Media