AUCKLAND: New Zealanders are more economically optimistic than their Australian neighbours, with this positivity translating into purchase decisions, according to new research.
According to research by Nielsen, Kiwis are less likely to be concerned about their financial situation but are generally more frugal: Kiwis are 10 % less likely to worry about money matters than Australians, while also being 10% more focused on planning for their financial future.
While Australians are more concerned about their financial state, they are still more likely to purchase a product at full price, compared to Kiwis who are more likely to wait for a sale. Almost three quarters – 73% - of New Zealanders look for cut price items, while just 55% of Australians will delay a purchase until the brand is on sale.
Like Australians, Kiwis are proud of their local brands and want to support New Zealand businesses – so long as the price is competitive.
When it comes to quality, the ‘made in New Zealand’ brand is strong: 32% of Kiwi shoppers will look to New Zealand brands for superior product benefits and quality, compared to 30% of shoppers in Australia, according a second study by Neilsen.
“It is all about understanding consumer tastes in the local market,” Dobson said. “Local brands often cater best to local preferences due to their agility and ability to innovate,” said Nielsen retail director Lance Dobson.
“This contrasts to global brands that capitalise on economies of scale and offer more homogenous products across markets.”
However, in line with their more frugal approach, New Zealanders are also price savvy and more likely to choose an international brand if it saves them money: 53% of Kiwi shoppers will turn to global brands when purchasing based on price, or if there is a sale on, compared to 43% of Australian shoppers.
Data sourced from Nielsen, Stoppress.co.nz; additional content by WARC staff