New Zealand shoppers spent money in 61 countries during Black Friday and Cyber Monday, according to payments processor TransferWise.

Despite the appetite (and need) for spending in the domestic economy, a significant number of New Zealanders spent money overseas during last month’s major sales events.

“After being hit hard by Covid-19 this year, the New Zealand economy is in desperate need for local spending,” said Tim Cameron, country manager at TransferWise. “However, there is still plenty of money going to foreign shores.”

According to Cameron, most Kiwi shoppers don’t realise that all that foreign spending is subject to hidden fees. He said that New Zealand banks should disclose transaction fees.

“Whether you’re buying something on an international website or paying directly to an overseas based person or business, banks almost always take a cut of each transaction through currency conversion fees,” he added.

Besides the large spending overseas, domestic online sales skyrocketed during the sale events.

Spending on club and gym memberships increased seven-fold on Black Friday compared to a 30-day average, and dropped 26 per cent heading towards Cyber Monday. Meanwhile, purchases of beauty products surged 252 per cent on Black Friday and by 361 per cent on Cyber Monday.

Other popular domestic categories included clothing and electronics which increased by more than 200 per cent on Cyber Monday.