Cost of living pressures will boost Black Friday this year, as Kiwis rely on much-needed savings
- Over half of Kiwis set to shop on Black Friday, but many will be taking on extra debt to make purchases.
- PriceMe research points to increasingly price-conscious Kiwis, with a decline in non-essential purchases and a rise in bargain-hunting behaviours over the last few years
Well over half (58%) of Kiwis are worried about their personal finances and have drastically changed their shopping habits in response to ongoing cost of living pressures - this is according to a new survey* commissioned by price comparison service, PriceMe, ahead of the festive shopping season. The same research reveals that many are relying on Black Friday to be able to afford Christmas gifts and to replace much-needed household items.
New Zealand has become an increasingly price-conscious nation
Kiwis have become increasingly price-conscious, with a decline in non-essential purchases and a rise in bargain-hunting behaviours over the last few years, including buying second-hand and comparing prices across retailers. PriceMe’s research has found that as financial concerns have grown, so has a preference for less frequent, more intentional purchasing.
There’s been a 50% drop in the number of Kiwis who say they shop for non-essential items “all the time” - from 18% of Kiwis a few years ago, to just 9% now. Shopping "around once a month" has also decreased, from 33% of Kiwis a few years ago to 19% now. This suggests that even occasional non-essential spending has been scaled back.
Looking deeper into gender and age, there are clear differences in behaviours.
Shopped for non-essential items “all the time” a few years ago |
| Shop for non-essential items “all the time” now |
| Spending less on non-essentials than a few years ago |
| Buy second-hand or refurbished items more than a few years ago |
| Eat out less than a few years ago |
| Men | Women | 18-24 | 25-34 | 35-44 | 45-54 | 55-64 | 65 |
| 11% | 24% | 25% | 21% | 19% | 15% | 17% | 10% |
9% | 9% | 16% | 12% | 7% | 7% | 8% | 6% |
55% | 63% | 45% | 59% | 66% | 64% | 64% | 54% |
30% | 42% | 44% | 41% | 35% | 35% | 34% | 28% |
62% | 64% | 51% | 60% | 68% | 65% | 72% | 64% |
One reason for these changes may be down to consumers’ perceptions around price increases.
In the survey, many Kiwis said they believe that non-essential items like technology and electronics (69%), fashion and clothing (68%), perfume and beauty (52%) and sports equipment (46%) have all become more expensive over the last year. And nine in 10 (90%) feel that the cost of entertainment and going out has become more expensive too.
Gavin Male, founder and CEO of Priceme, comments: “Consumers are clearly feeling the pinch of prolonged inflation and continued cost of living pressures across all areas. Sensibly, people are making real changes to how they choose to spend their money - with over a quarter (27%) of Kiwis also saying that they’ve permanently changed the way they manage their finances.”
Shoppers will rely on Black Friday for both essential and festive needs
According to PriceMe’s survey, there is a notable increase in the number of people planning to shop on Black Friday this year (51%) compared to 2023 (35%) - with almost double the number of those aged 65 years and over set to shop this year.
Kiwis’ reasons for wanting to shop on Black Friday vary. Almost three quarters (73%) of younger shoppers are more likely to treat themselves, while older shoppers will focus on practical purchases. Women will be more focused on buying Christmas gifts for others, while men are inclined to shop for themselves and buy home essentials.
I plan to buy treats for myself on Black Friday |
| I’m relying on Black Friday savings to buy or replace much-needed items for the home |
| I’m relying on Black Friday savings to afford Christmas gifts |
| I’m waiting for Black Friday to make big-ticket purchases |
| Total | Men | Women | 18-24 | 25-34 | 35-44 | 45-54 | 55-64 | 65+ |
| 50% | 54% | 47% | 72% | 51% | 46% | 39% | 39% | 40% |
48% | 53% | 44% | 51% | 50% | 52% | 47% | 41% | 44% |
51% | 45% | 57% | 52% | 51% | 61% | 47% | 51% | 38% |
45% | 48% | 42% | 52% | 42% | 43% | 47% | 47% | 34% |
Black Friday spending may exacerbate Kiwis’ financial concerns
The average Kiwi plans to spend just over $600 NZD this Black Friday, with the most popular purchases set to be: technology and electronics (38%), fashion and clothing (35%), and household appliances (25%). Men ($770 NZD) are prepared to spend significantly more than women ($460 NZD). But the most common spending brackets across all Kiwis are $101 - $250 NZD (28%) and $251 - $500 NZD (26%), indicating that many shoppers are planning relatively moderate purchases.
Despite saying that they’ve made permanent changes to how they manage their spending in response to the cost of living crisis, and 55% saying that they’re now more aware of their spending habits, many Kiwis will be taking on extra debt to pay for their Black Friday purchases. One in four (25%) of those surveyed by PriceMe say they plan to use Buy Now, Pay Later services and 28% plan to use a credit card or their overdraft. Just over a fifth (22%) have saved up money specifically for Black Friday.
Gavin Male concludes: “With inflation still high - although starting to drop - shoppers may still end up paying an inflated price even for discounted items this Black Friday. It’s never worth getting into debt for non-essential purchases, so on Black Friday we’d recommend shoppers compare prices across multiple retailers to ensure they’re getting the best deal - and check a product’s price trend on PriceMe to make sure you’re buying at the right time.”
PriceMe’s shopping tips for Kiwis this Black Friday
1. Do your research
When you’ve found an item you want to buy, check its price history to make sure that it’s really a good deal. Prices go up and down countless times throughout the year - so chances are, if an item’s been cheaper before, it’ll go back to that price again. A quick and easy way to ensure you’re getting the best price is to set up a price alert. This handy feature, available on PriceMe, will automatically send you an email when the price drops.
2. Shop at multiple retailers
Bigger stores might be better at advertising their Black Friday deals, but often smaller, specialist retailers will also have good deals on. Be sure to price compare across multiple retailers before making big purchases.
3. Make a list and stick to it
A bargain is only a bargain if you really need it. Prepare your shopping wishlist ahead of Black Friday and only buy items from this list when the sales period comes around.
4. Don’t be too shy to haggle
To haggle in a shop, try politely asking if the price is flexible, highlight any reasons for a discount (such as buying multiple items), or use PriceMe to highlight if the retailer’s pricing appears to be more expensive than others. Be prepared to meet somewhere in the middle to reach a fair agreement.
5. Take advantage for ‘price matches or ‘price beat guarantees’
Several major New Zealand retailers offer ‘price matches’ or ‘price beat guarantees.’ Whenever possible, take advantage of these policies to secure a better deal. If you’ve done your research on PriceMe and found a lower price elsewhere, many retailers are willing to match or even beat that price, giving you the opportunity to save more.
-ends-
Notes to editors
*Survey of 1,153 Kiwi consumers aged 18+ undertaken by The Interpreters, on behalf of PriceMe, between 1 - 16 October 2024. Full data available on request
About PriceMe
Founded in 2007, PriceMe is a leading New Zealand-owned and operated business that empowers consumers to make informed purchase decisions by providing free price comparison information across thousands of products and hundreds of online retail stores. From electronics and appliances to personal care, PriceMe’s user-friendly platform enables shoppers to compare prices easily, read expert and customer reviews, and access detailed product specifications across a wide range of categories. Whether it’s the latest technology must-have or everyday essentials, PriceMe is the go-to source for smarter shopping decisions, helping Kiwis save both time and money.
PriceMe is part of Global Compare Group, a leading price and product comparison company that simplifies shopping experiences. Its portfolio includes websites including PriceMe, NZ Compare, Broadband Compare, Money Compare, and Mobile Compare.
Media contact and spokesperson
For more information about PriceMe, to arrange an interview with a spokesperson, or to have a pricing expert share top tips on how to secure the best deals this Black Friday, please contact Lindsay Stanley at +64 212 884411 or via email at lindsay@lspr.co.nz
