Nearly one-third of New Zealanders (31 percent) feel more financially stressed this Christmas than in previous years, recent Mastercard consumer research has revealed.
While 58 percent of Kiwis plan to spend about the same on Christmas purchases, 29 percent will choose to spend less because of lower disposable income (56 percent) or because they have budgeted to spend a certain amount (34 percent).
Half of New Zealanders said they would only spend up to $50 on their parents, compared to 20 percent spending that amount in 2015. Sixty percent of Kiwis are also planning to spend under $50 on their siblings, compared to 35 percent in 2015. Moreover, half of respondents will be limiting their gifts to one to five people this Christmas, with a third planning gifts for six or more people.
Overall, half of New Zealanders expect their total household Christmas spend will be under $500 on items such as foods, travel, presents and decorations.