People in Waikato spend more on dining out
People in Waikato spend more on dining out compared to other regions
Spending habits show people in the Waikato spend more than many other regions on eating out but not as much as other parts of the country on groceries.
Westpac drilled down into the data of more than 96,000 of its CashNav app users* and found that those in Waikato spend around $354 on average per month at cafés, restaurants and fast-food outlets – the fourth highest in the country.
Those in the 36-55 age group in Waikato spend the most at $403, while millennials (18-35s) spend $343 – more than the 56-75s who spend $294 per month on average.
Westpac’s CashNav app allows customers to track their daily spending habits by categorising what they spend their money on and identifying what is holding their saving aspirations back. It also notifies them if their spending is higher than usual.
The app does this by automatically categorising customers’ EFTPOS, debit and credit card transactions into one of 12 categories such as eating out, shopping, travel, entertainment, home, groceries, transportation, utilities, education and health. Retailers choose their category although CashNav users can re-categorise them if they want to.
Westpac NZ General Manager of Marketing, Products and Transformation Andrew Kerr says CashNav allows customers to monitor their spending and take control of their purchasing habits.
“They can see if their spending is going up or down over the month and identify exactly where to cut back in order to save more.”
When it comes to supermarket spend, people in the Waikato spend around $550 on average - the third lowest when compared with other regions.
Those with the spending power (the 36-55s) splash out the most at $791, followed by 56-75s who spend $624 on average, while millennials spend only $408 per month.
Other figures related to entertainment spend on movies, concerts, gaming and gambling show Waikato residents spend the fourth highest amount in the country – on average $219 a month compared with Aucklanders who spend $286 per month.
And when it comes to spending on health such as gyms fees, pharmacies, make-up stores and beauty salons, Waikato residents are placed fifth on $201 after Auckland, Wellington, Canterbury and Taranaki.
“While people in the Waikato spend less on average than other main centres, it’s worth them keeping a close eye on that spending. We know that millennials there have continuously increased their month spend on eating out by $9 per month. CashNav app users are able to see when their spending is creeping up and how it’s affecting their saving for the bigger things they want. From there, they can make different spending choices,” says Mr Kerr.