Dramatic change to Kiwis’ spending habits during lockdown
New data from Westpac NZ shows a dramatic change in spending habits by New Zealanders in the first fortnight of lockdown.
Home meal kits and digital downloads were in hot demand as households readjusted to life within their own four walls, while shops such as bakeries and fast food stores saw a massive drop off in business.
Westpac NZ Chief Experience Officer Oliver Lynch says Kiwis aren’t just spending money on different things than usual, but they’re spending at different times of the day.
“Transaction levels between 10pm and midnight have been 61% lower than usual during lockdown, which reflects we’re not going out and socialising with friends, or perhaps that we’re just getting to bed earlier for a good night’s sleep,” Mr Lynch says.
“Spending on downloaded content from companies like Apple and Amazon as a proportion of all spending has more than doubled from 2.3% to 5%, while the share of transactions at specialty…