The recent release of data from the June 2023 Household Economic Survey finally provides some answers on how high inflation has changed spending patterns. Necessities, such as food and insurance, are making up a higher proportion of spending, while nice-to-haves, such as home renovations or a new phone, are being sacrificed by households in the face of budgetary pressures.

The legacy Regional Economic Profile will be discontinued on 28 March 2024. The new look REP has been refreshed with improved functionality, new wellbeing data, and many new charts and tables. The REP provides in-depth economic insights into every region and territorial authority in New Zealand.

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March 2024: Where next for cost pressures?
February 2024: Regional socioeconomic insights

The latest GDP data showed the economy shrinking 0.1% in the December 2023 quarter, the fourth contraction in the last five quarters. On a per-capita basis, household spending is now falling at its fastest rate in over 30 years (excluding the COVID-19 lockdown).

This insight article is exclusively available to our subscribers ahead of our latest forecasts on 19 April 2024.