Drop in spending

Kiwis may have taken on the Reserve Bank Governor’s advice to rein in spending. Adrian Orr made the demands last week following the release of the latest Official Cash Rate figures. New data from Worldline NZ’s payment network suggests New Zealanders may have been listening. It shows consumers spent $67 million on Black Friday — 6.9 per cent down on last year. Spending during the week ending Saturday was $350m — a 9.5 per cent decrease from 2021.