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Income Growth Keeps Household Saving High Despite Increased Spending
New Zealand households saved $2.5 billion during the December 2021 quarter as increasing incomes helped offset a rebound in household spending, Stats NZ said today.
Household disposable income grew 2.0 percent in the December 2021 quarter to $52.9 billion. Spending by New Zealanders rose to $50.4 billion in the December 2021 quarter. This is an increase of 6.4 percent, following the fall of 5.9 percent in the September 2021 quarter.
“The December 2021 quarter saw an easing of COVID-19 alert level restrictions and the COVID-19 protection framework that was introduced at the start of December. Households spent more on services and on durable goods such as clothing, footwear, and electrical appliances, which may have been less accessible during level 4 restrictions in the September 2021 quarter,” national accounts institutional sector insights senior manager Paul Pascoe said.
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