New Zealand retailers are about to see consumer spending rise to up to 200 per cent the average, according to payments provider Paymark.
Spending in the last week before Christmas rises to about 50 per cent more than during an average week, while spending in certain segments of the industry such as department stores, recreational goods shops, and clothing and liquor stores will double.
According to Paymark, it has tracked 136.7 million transactions since 13 November for a total of $6.48 billion spent so far this holiday season, representing an annual underlying growth rate of 5.3 per cent on last year.
Black Friday kicked off the period with a bang, bringing in $253 million – the second highest grossing day all year behind Easter Thursday at $263 million.
And spending is expected to keep growing throughout the week to next Tuesday, with Online Compare stating only 15 per cent of Kiwis surveyed have completed their Christmas shopping in research released last Friday.
According to the research, which was commissioned by Slice Digital, 47 per cent of these purchases were made online – higher than the expected 35 per cent for the season.
It is possible that online purchases will begin to taper off as Kiwis leave Christmas shopping later, and are less likely to rely on shipping options to get them the products they want in time for Christmas day.