Almost half of respondents (48%) said economic uncertainty had prevented them from making purchases they would otherwise make, compared with 30% in 2020.
Forty-eight per cent believe they need to leave the country to get ahead, up from 28% in 2020.
Lead researcher Associate Professor Leah Watkins told The Front Page that this survey noticeably showed how much Kiwis were feeling the pinch at the moment.
“I think certainly in this wave, the big change has been the cost of living crisis and the impact that’s having, not just on what people buy, but also their optimism about the future and that more holistic view of how they’re experiencing life in New Zealand.
“But within that, what we’re seeing is still that diversity. So the six segments we capture, although they’re experiencing the same economic situation, they’re responding to that very differently, and obviously have different outlooks and values that are driving their consumption behavior,” she said.
The survey revealed 85% of respondents say taking good care of possessions can save money in the long run, while 84% see little sense in buying something new when an existing item could be reused.
Watkins said that price and value had become increasingly important, but consumers were not simply looking for the cheapest option.
“People are becoming more conscious, I think, of their own consumption behaviour and the impacts that have on the environment, for one thing, and that we are thinking carefully, more carefully about where our products come from and how we can make the most of them.
“That’s, in a sense, being reinforced by the economic environment that people are returning maybe to more frugal ways of living,” she said.
Listen to the full episode to hear more about:
Support for local businessesCan influencers still influence us?Economic pessimismImplications for business and policymakers
The Front Page is a daily news podcast from the New Zealand Herald, available to listen to every weekday from 5pm. The podcast is presented by Chelsea Daniels, an Auckland-based journalist with a background in world news and crime/justice reporting who joined NZME in 2016.
You can follow the podcast at iHeartRadio, Apple Podcasts, Spotify or wherever you get your podcasts.