How we’re adjusting to cost of living

The rising cost of living is having an impact on the way 73% of people are spending their money.

A new survey by research firm Toluna found the increased cost of groceries was causing the most disruption, with 85% of shoppers saying they had been affected by the rising cost of grocery items.

This was forcing them to make changes, which included 31% of people dropping their favourite brands in favour of cheaper ones, 24% shopping around to find the best deals, and 30% buying in bulk.

Toluna NZ regional director Stephenwalker said the rising cost of living was now one of the biggest issues in the country. The firm surveyed 501 respondents in New Zealand during March 23-29.

When it came to budgeting, the first things households would forgo in order to save money were eating out (35%) and takeaways (29%), followed by buying premium brand products (27%), going to bars and pubs (23%), overseas travel (23%), and gambling (18%).

Almost a third (28%) were delaying buying items for their home.

But people said they were least likely to forgo their mobile phone contracts and TV subscriptions.

More than half would turn off their lights whenever possible, while 40% would take shorter showers.