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HOUSEHOLDS SPENDING EXTRA $3000 A YEAR ON ESSENTIALS, RESEARCH SHOWS

Esther Taunton05:00, Mar 25 2022
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3m 43s

Auckland residents struggle with steep cost of living

Auckland residents describe the struggle of living in the city, as grocery and
petrol prices continue to increase.

Households are spending an extra $3000 a year on essentials as the cost of
living skyrockets, according to research by the New Zealand Initiative.

Its report, The rising cost of living for Kiwis, released on Thursday, said a
third of the increase in living costs was due to higher transport costs, driven
by higher prices at the petrol pump.

Higher housing costs – mainly due to rents and local rates – increased food
prices, and higher interest payments on borrowing had also contributed.

“New Zealand has the highest inflation in 30 years because too many dollars are
chasing too few goods,” report author and senior economist Matt Burgess said.



READ MORE:
* Household costs will jump $150 a week this year, ASB says
* Foodstuffs: We only make 4c profit in the dollar
* Foodstuffs says food prices not high, concedes on covenants in reply to market
study
* Govt policy choices to blame for high inflation that disproportionately
affects the poor




“The Government has misdiagnosed the economic issues behind the pandemic. It has
tried to solve a supply-side crisis with a demand-side solution.”


Grant Matthew/Stuff
Research by the New Zealand Initiative shows Kiwi households are spending an
extra $3000 a year on essentials, including food. (File photo)

Burgess warned further Government stimulus could lead to inflation becoming
entrenched.

“The upcoming Budget includes an unprecedented $6 billion of new spending. This
will only add more fuel to the fire, meaning more pressure on the cost of
living,” he said.

Meanwhile, the head of a major supermarket chain said the increased cost of
living will impact New Zealanders’ stress levels as much as Covid-19.

More from
Esther Taunton • Senior business reporter
esther.taunton@stuff.co.nz

Speaking at a Trans-Tasman Business Circle webinar on Thursday, Foodstuffs North
Island chief executive Chris Quin said it was critical that supermarkets
continued to offer shoppers the best possible value as costs rose across the
board.

“We have to be fair to our suppliers, but we also have to negotiate firmly for
our customers to make sure they still get value for money.

“Three things we will be focusing on are what we pay suppliers, the costs we add
getting that product to our customers, and how we educate our customers about
where to find value.”


Supplied
Foodstuffs North Island chief executive Chris Quin says increased living costs
will affect New Zealanders’ stress levels as much as Covid-19. (File photo)

Concerns about the spread of the virus had already changed shoppers’ habits,
with many now doing a single “big shop” instead of more frequent small shops, he
said.

“With more people working from home, the timing of that big shop has changed,
too. There’s not so much of a before and after work rush any more.”

Local stores were also seeing significant growth as people chose to stay close
to home and stores like Four Square were becoming more popular.

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What people bought had also changed, with demand for frozen and chilled items
increasing as shoppers bought ingredients to store.

“People are looking for ease and convenience, but they also want to bring the
dining out experience home,” Quin said.

“They want to create those experiences with friends without having to go out and
socialise in a way that makes them uncomfortable.”

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