Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Otagoites are more likely to eat in than dine out

Otagoites are more likely to eat in than dine out

People living in Otago are the second highest spenders at the supermarket on average, when compared to other New Zealand regions, according to data gleaned from Westpac NZ.

Westpac drilled down into the data of more than 96,000 of its CashNav app users* and found that those living in Otago spend around $668 on average per month on groceries, beaten only by people in Marlborough who spend $712 on average.

When the spending is broken down into the various age groups, those in Otago aged 36-55 spend around $989 per month, 56-75s spend $798 and millennials (18-35s) spend $511 on average per month.

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.”

However, when it comes to eating out at cafés, restaurants and fast-food outlets, Otagoites are down the list of high-spending regions at only $340 per month compared to Aucklanders who spend $486 on average.

It’s a similar story when it comes to spending on health such as gyms fees, pharmacies, make-up stores and beauty salons at $186 on average per month, and on entertainment such as movies, concerts, gaming and gambling at $203 on average per month.

“People in Otago appear to be keeping a close eye on their spending which is good. 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.

[END]

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Ongoing Monetary Tightening
The Monetary Policy Committee today increased the Official Cash Rate (OCR) to 3 percent from 2.5 percent. The Committee agreed it remains appropriate to continue to tighten monetary conditions... More>>



Statistics: Weekly Earnings Rise As More In Full-time Employment

Median weekly earnings from wages and salaries rose by 8.8 percent to $1,189 in the year to the June 2022 quarter, Stats NZ said today... More>>



Bell Gully: Uncertainty Ahead With New Unconscionable Conduct Legislation

new prohibition against ‘unconscionable conduct’ in trade is one of a number of changes to the Fair Trading Act 1986 that come into force from 16 August 2022. The new prohibition may have wide-ranging implications for many businesses... More>>


Electricity Authority: Imposes Interim Restrictions On Very Large Electricity Contracts

Consumers of electricity will be protected from potentially paying more than they should due to the impact of very large electricity contracts on wholesale prices, under urgent changes announced today by the Electricity Authority... More>>


Westpac: Economic Overview, August 2022 – Pushing Through

The New Zealand economy faces some lean growth in the year ahead as households’ budgets are squeezed, according to Westpac’s latest Economic Overview... More>>


Kiwi Group Holdings: Fisher Funds Acquires Kiwi Wealth Business

Kiwi Group Holdings Limited (KGHL) today announced the sale of Kiwi Wealth to Fisher Funds for NZ$310 million... More>>