HomeNEWSNew Zealand consumers feeling frugal, says Nielsen

New Zealand consumers feeling frugal, says Nielsen

Nielsen’s global survey of consumer confidence and spending intentions has found one in five New Zealanders plan to spend money on clothes, technology products and home entertainment.

Holidays were top of the agendas for consumers who wanted to burn some cash (29 percent), followed by new clothes (21 percent), out of home entertainment (20 percent) and new technology products (19 percent).

Some Kiwis are also planning on being sensible with their money and pocketing it. About half of the respondents planned to stow away their spare cash (49 percent) while a third intended to pay off their credit cards.

ASB’s chief economist Nick Tuffley says that people’s finances have been boosted by the relatively low fuel prices of 2014 and falls in term mortgage rates.

He notes that those in, dairying areas may be being careful with their pennies due to falling dairy prices.

“But there will be some added caution in dairying areas about the continued softness in dairy prices, which may be contributing to the added intentions to channel any spare cash into savings or debt reduction,” Tuffley says.

Overall consumer confidence in New Zealand scored 102 – ahead of Australia (95) and global (97) confidence.

The survey measures consumer confidence, concerns and spending intentions of people with the internet across 60 countries.

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