Spending Data Shows Boxing Day Loses Its Punch To Black Friday And Cyber Monday

Spending data across transactions made on the TransferWise multi-currency debit card revealed Boxing Day was hit below the belt last year, proving itself no match for the growing popularity of Black Friday and Cyber Monday.

Boxing Day, long heralded as the premier shopping date on New Zealand’s retail calendar, saw a 63% decrease in sales compared to November’s Black Friday and 53% to Cyber Monday.

Looking closer at the spending, Kiwis treated themselves on Boxing Day with transactions significantly up across department stores (+50%), clothing (63%) and electronics (32%). However, Black Friday and Cyber Monday saw even larger percentage increases in top spending categories.

Top 3 purchases made on the TransferWise debit card per sale day:

On Black Friday weekend Kiwis spent money in 61 different currencies. That’s more than double the output of Boxing Day, which had transactions in only 30 currencies.

When compared to monthly averages, transactions in the most popular foreign currencies were all down on Boxing Day. On Black Friday and Cyber Monday there were significant increases in spending across the Euro, Great British Pound, United States Dollar and Australian Dollar.

TransferWise Cross Border Spending Compared to Monthly Average:

Tim Cameron, TransferWise Country Manager:

“It’s fascinating to see the decline of Boxing Day as Black Friday and Cyber Monday become more and more popular in New Zealand. It looks like Kiwis no longer want to wait until after Christmas to score themselves a bargain.

“In such a challenging year, it’s fantastic to see the majority of spending staying within New Zealand. However, for those offshore purchases it’s more important than ever for Kiwis to avoid pesky currency conversion fees that come with using traditional bank cards when online shopping. We think it’s better to keep that money in your back pocket rather than giving it to the banks.”

Tips on how to avoid hidden fees when shopping in another currency:

• Always pay in the local currency to avoid ‘dynamic currency conversion’ that happens each time you’re presented with the option to either pay in local currency or your home currency. E.g when shopping from a US retailer, pay in USD rather than NZD to avoid the retailer using their own currency conversion.
• Avoid using a bank card on foreign purchases. Whether you’re paying in your home currency or the merchant’s local currency, most banks charge what’s known as foreign or international transaction fee, which often ranges from 2-5% of the total transaction amount.

© Scoop Media