Changes In Global Behaviour Provide Insights, Impacts For New Zealand

Data from Kea’s latest survey shows a significant shift in spending behaviour due to the rising cost of living. Offshore Kiwi and their communities are actively working to cut down on essential day to day spending by focusing on sustainable practices and investing in areas which will deliver long term savings.

Kea Global CEO Toni Truslove says insights from global Kiwi can act like an early warning system for Aotearoa New Zealand, by providing opportunities to learn from the measures other countries have employed and better understand how emerging trends could impact New Zealand. One of the current areas of insight on offer from this group is how the cost of living is being dealt with in the countries where they live.

“Our global Kiwi businesses tell us they are tackling current economic challenges by focusing on retaining and supporting their employees during this time - with some looking to raise staff salaries even though it means cutting back in different areas, while others are investing in technology to ensure their businesses remain competitive when the economy inevitably starts to bounce back. When it comes to personal spending Kiwi are focused on reducing food waste and investing in alternative energy options.”

Rising costs of living are also having an impact on offshore Kiwi who may have planned to return to New Zealand in the next 12 months for either business or personal reasons, with many people being forced to delay or cancel their plans to return home. This insight provides early warning to tourism operators here in New Zealand affected by a reduction in visiting friends and relatives.

Our community has also shared with us a number of approaches which their local and central governments have implemented in order to support people during this time, including encouraging investment in small businesses and providing relief with essential costs.

Truslove says these emerging trends illustrate what’s important to people globally during this time providing New Zealand with a global perspective to support our own approach. It also allows us to understand and plan for how global trends may impact us here in New Zealand.

“Aotearoa New Zealand’s offshore Kiwi community is a phenomenal source of global ideas and connectivity for our nation. The opportunity for New Zealand to obtain early access to global trends via our offshore community is one that we have missed in the past - this needs to change to help support us in the years ahead.”

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