Cautious Kiwis Change Attitude Towards Money

NEWS RELEASE

Cautious Kiwis Change Attitude Towards Money

Move over shopaholics as Kiwi bargain hunters scour the shelves

Auckland, 5 July 2010 – The after effects of the global credit crisis are being felt by

New Zealanders across the country with two in every five Kiwis considering money more important today than it was five years ago, according to the Visa Debit Savvy Shopper Survey[1].

These findings come from the first of a series of three nationwide surveys designed to establish new trends, views and behaviours in relation to payment preference, online shopping, overseas shopping and travel money.   

An overwhelming 95 per cent of respondents said they place equal or more importance on money today which signals a distinct change in attitude and the rise of a new breed of financially savvy New Zealanders, according to Sean Preston, Visa’s New Zealand Country Manager.

“The survey shows Kiwis are becoming more discerning when it comes to spending their money. The silver lining to the recession is our seemingly new-found maturity towards managing our money and purchasing decisions. New Zealanders have embraced a variety of payment methods which allows them to have better control over their money whether they’re shopping in-store, online or overseas,” says Mr Preston. 

Nearly half of all Kiwis surveyed know exactly where every single dollar is being spent. Northland has the most financially ‘switched on’ Kiwis at (57%), followed by Auckland (48%), Canterbury (48%), Waikato and Bay of Plenty (43%), Hawkes Bay, Taranaki and Manawatu (37%), Otago and Southland (32%), Wellington (31%) and Nelson, Marlborough and West Coast in last place (26%). 

Two in five New Zealanders consider themselves bargain hunters, 18 per cent describe their shopping style as focused and fast, while 12 per cent are extensive researchers. Only seven per cent of Kiwis consider themselves to be social shoppers and a mere one per cent identify themselves as shopaholics. Half of all females surveyed refer to themselves as bargain hunters compared to only 29 per cent of males.

Self proclaimed bargain hunter and focused and fast shopper, Olympic Gold Medallist and

New Zealand Visa Debit Ambassador Valerie Vili is one of the country’s most successful and busiest athletes, but she still can’t resist a good buy.

“With a hectic training schedule and athletic meets around the globe, I only have time to shop for myself about once a month. With time at a premium, I’ve had to develop a keen eye for a bargain so when I see something I like, I grab it.”

Valerie’s preference for cards over cash sees her carrying four cards in her wallet wherever she goes. She also finds an additional benefit in store receipts that most of us wouldn’t even think of.

“This year alone I’ll be travelling to more than 10 international cities to compete so I imagine half the time I’ll be checking my Visa Debit card receipts to remind me what country I’m in,” laughs Valerie. 

Half of New Zealanders prefer to shop because of need, while a further quarter admit to being driven by price and promotions, which is more the case with females (31%) compared to males (21%). On the flipside, more males (60%) than females (44%) claim to shop mainly because of need and more aged over 50 (60%) than in their 20s (32%).

When it comes to frequency of shopping, New Zealanders are fairly evenly spread with those who shop more than once per week (13%), those who shop once a week (22%), those who shop once every two weeks (24%), those who shop monthly (19%) and those who only shop when they have to (22%).

The most prolific shoppers hail from Nelson, Marlborough and West Coast (14.7%), followed closely by Auckland (14.4%), Canterbury (14%), Wellington (13.8%), and in last place Northland (3.3%).

Two thirds of New Zealanders have a preference for using payment cards over cash which has resulted in a reduction in the amount of cash being carried, with 24 per cent of New Zealanders having less than $10 in their wallets, and eight per cent carrying no cash at all. In contrast, Kiwis carry an average of 2.8 payment cards on them.   

Ninety-eight per cent of respondents agreed there are more ways to pay today than five to 10 years ago. However, the survey also found a level of confusion around the various payment types including Visa Debit, which was recognised by Kiwis as being more effective than EFTPOS because it’s accepted overseas and online.

“A Visa Debit card enables consumers to pay for goods and services using their own money wherever EFTPOS is accepted, as well as for online and over the phone purchases and at merchants and ATMs overseas. Visa Debit is linked to the cardholder’s bank account and accesses available funds directly,” adds Mr Preston. 

ENDS

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