In a recent investigation conducted by insights agency Nature, the cost-of-living crisis has emerged as the top concern for New Zealanders, surpassing worries about war, climate change, and natural disasters combined. The study revealed the significant financial pressures faced by Kiwis, prompting them to make substantial changes in their everyday spending.
When examining specific areas of expenditure, the study found that the rising cost of living is impacting essential spending categories the most, with 57% stating that Groceries were a major concern for respondents, followed closely by utilities (50%) and fuel 46%).
To address these challenges, an overwhelming majority of 92% have proactively adjusted their spending habits. Younger individuals, in particular, have been more proactive in adapting their habits, with 96% of those under 40 making or planning to make changes compared to 89% of those over 40. The top three strategies employed by New Zealanders include shopping for specials (96%), eating out less (92%), and avoiding non-essential purchases (91%).
Nature's Associate Director Alex Coningham says “These findings shed light on the significant economic pressure faced by New Zealanders due to the cost-of-living crisis. Businesses must understand changing spending patterns, demonstrate empathy, and meet consumer expectations to better serve individuals grappling with the escalating expenses of daily life."
The investigation, conducted in late February 2023, involved 1,000 respondents across New Zealand who were mainly or jointly responsible for household finances. The sample size was representative of the national population, providing valuable insights into the prevailing cost of living crisis.