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13 April 2006
Auckland
Kiwis most likely to cut down on take-away meals and out-of-home entertainment to stay within budget when times are tough
The spiralling fuel and property prices have resulted in the increase of the living cost in New Zealand, and when they’re feeling the pinch, Kiwis are most likely to cut out take-aways and out-of-home entertainment, according to the latest global survey by leading market research and information company ACNielsen.
The findings, released today, form part of the latest global online survey conducted by ACNielsen which polled over 23,500 people in 42 countries – including more than 500 New Zealand participants – on their reactions to the rising cost of living.
Three in five NZ’ers surveyed said they were most likely to cut down on take-away meals in order to stay within their budgets, which made NZ the country third most likely to opt for this strategy across the Asia Pacific region, behind Australia (67 percent) and South Korea. Over half of Kiwis (57 percent) would cut down on out-of-home entertainment and nearly as many (54 percent) said they would spend less on new clothes. (See chart 1).
“Our findings reflect NZ’ers’ priorities when it comes to belt-tightening strategies”, said Steve Mitchell, Managing Director of ACNielsen New Zealand. “Clearly for most, discretionary items such as take-away meals, out-of-home entertainment and new clothes are the first to be sacrificed when it comes to cost saving.”
New consumer technologies and major household appliances were also among the most likely to be cut out when times get tough. Nearly half of New Zealand respondents polled in the survey claimed they would delay upgrading technology, and 45 percent said they would delay replacing major household items. Up to 45 percent would choose to save on gas and electricity.
ACNielsen’s survey also showed that 36 percent of the respondents would use their vehicle less often as a cost-cutting measure.
A third of Kiwis would also consider switching to cheaper brands to avoid blowing their budget, according to the ACNielsen survey. Other preferred cost saving measures included using coupons more often (23 percent), cutting down on telephone expenses (23 percent) and cutting out the annual vacation (18 percent).
Kiwis were least likely to look for cost savings from seeking out better deals on home loans, insurance, credit cards (17%), cutting out annual vacations (12%) and giving up smoking (7%).
New Zealanders’ response to rising living costs
At times when the cost of living is rising rapidly, what actions do you take in order to stay within your budget?
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The ACNielsen Online Consumer Confidence Survey, the largest twice-yearly global survey of its kind, is aimed to gauge consumers’ current confidence levels, spending habits/intentions and current major concerns. The most recent wave of the survey took place in November 2005 and polled over 23,500 consumers – regular Internet users – in 42 markets in Europe, North and Latin America, Asia-Pacific region, Africa (Republic of South Africa) and the Middle East (UAE).
About ACNielsen
ACNielsen, a VNU business, is the world's leading marketing information provider. Offering services in more than 100 countries, the unit provides measurement and analysis of marketplace dynamics and consumer attitudes and behavior. Clients rely on ACNielsen's market research, proprietary products, analytical tools and professional service to understand competitive performance, to uncover new opportunities and to raise the profitability of their marketing and sales campaigns. To learn more, visit www.acnielsen.com.
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