As we often hear, the cost of living continues to be a major concern for households across the country. Now, new data from Kiwibank is painting a clearer picture of just how much those soaring bills are impacting our everyday spending habits – and it’s not looking great for retailers.
Kiwibank’s latest spending report highlights a particularly tough end to the year for shops, indicating that many households have indeed put their discretionary spending on ice. While a general slowdown might be expected in challenging economic times, one sector, in particular, has felt the pinch most acutely: fashion retail.
It seems that when budgets are tight, new outfits and accessories are among the first things to be crossed off the shopping list. This shift in consumer behaviour underscores the pressure many families are under as they juggle higher costs for essentials like groceries, fuel, and housing.
For retailers, this data serves as a stark reminder of the need to adapt and innovate in a landscape where consumers are becoming increasingly cautious with their wallets. And for us consumers? It’s a sign that we’re all feeling the pinch, making careful choices about where every dollar goes.
Source: Original Article
