New research from PriceSpy suggests shoppers may be in for some light relief when it comes to how much they pay for consumer goods.
According to PriceSpy’s Price Index, the indexed price across the most-popular products and shopping categories listed on its website has been steadily falling since the start of the year, with the indexed price currently dropping to -1.8 per cent.
In comparison to last year, the indexed price across the same period of time rose to +4.7 per cent, a difference of +6.5 per cent. And when New Zealand was placed into its first national lockdown, the price index skyrocketed, reaching almost +6 per cent.
Liisa Matinvesi-Bassett, New Zealand Country Manager for PriceSpy, says it’s great to see price points across consumer goods ease up, as this time last year shoppers were faced with paying significantly higher than normal prices.
“In fact, additional pricing research carried out over some of the most-popular shopping categories on our website mirrored the findings of our Price Index data, showing price points across many goods dropped considerably compared to the start of the year,” she says.
“For example, the Sony Bravia KE-75X9000H (KD-75X9000H) TV currently costs -$803 less compared to the start of the year. Similarly, a pair of Beats by Dr. Dre Studio 3 Wireless headphones costs +$157 less now compared to earlier this year. And a Logitech Brio webcam is -$71 cheaper now compared to if it was purchased on 15 January 2021.”
So, when should consumers buy?
With talks of potential price hikes just around the corner, is now the best time for shoppers to splash out or should they wait it out?
With further price hikes reportedly taking place later this year and the continued fall out of Covid-19 affecting global manufacturing, distribution channels and supply chains, it’s difficult to say how long the current prices will last, as there are so many variables at play.
Based on the current Price Index data and latest pricing research, now might be a great time for consumers to buy, especially if they are in need of bigger ticket items such as chest freezers and TVs, as many of these items were found to cost less now compared to the start of the year.
“Before people rush out the door to the shops, we strongly encourage shoppers to carry out invaluable price research before they buy, as not everything is necessarily cheaper,” says Matinvesi-Bassett.
“Conducting price research is quick, easy and free – and this fundamental buying step can help save consumers hundreds, if not thousands of dollars in the long run.”