In collaboration with Publik Agency, we have developed a Nelson Tasman Consumer Spend Report with advice for your business, based on a regional spending survey, and national and international research.
In short, we found that local people were planning to spend more this year than last year across most categories, but why and how might surprise you, and might change some of your business decisions.
Given what has been happening with COVID-19 over the last year, it can be hard to predict what is coming, but our report provides some important forecasts and pointers we can talk through together, to help you make the decisions you need to make for your business.
There are many lessons from the 2020 lockdown – New Zealanders went on a spending spree after emerging. Unexpectedly, Gross Domestic Product surged 14% in the second quarter of last year, as we experienced a V-shaped economic rebound, ie. a sharp rise back to a previous peak, after a sharp decline.
This time we are seeing similar spending trends, but there are some differences. Price increases across most categories have been well reported, as have delivery time pressures due to international freight issues and the lack of capacity for some businesses to process orders.
Meanwhile, the Reserve Bank may have held the official cash rate in August, but it made it clear the rate would have gone up if we hadn’t gone into lockdown. The Bank is now looking at the impacts of the supply side of the economy before making a decision later in the year.
The money available to spend on discretionary expenses – those things your customers could live without – could also decline, with the expected rise in expenditure on food, health and housing, transport and clothing in 2021-22 (IBISWorld, 2021).
There are also likely to be some businesses in the hard-hit sectors who managed to survive last time, but who unfortunately might not make it after this lockdown, especially if they needed to take on debt last year to get through.
Want to know more?
Our Nelson Tasman Consumer Spend Report provides detailed survey findings broken down into key product categories, and relevant national and international research, so you can look at your business category in more depth.
The report also offers business and marketing considerations for you to think about, to make the most of the ongoing demand for products and services locally. Even in the categories that don’t show strong spending intentions, there are opportunities to rationalise, adjust your business model, or market cleverly to win the dollar.
Use the form below if you are interested in buying the detailed report for $395 + GST. Or, you can order the detailed report, AND meet with us to talk through what is relevant to you $495 +GST.