Westpac NZ urges Kiwis to avoid a Black Friday ‘spending hangover’

Westpac NZ is urging Kiwis to know their spending limits and stick to them ahead of one of the biggest shopping weekends of the year.

Last year, Westpac saw a 33% increase in average spend per customer on debit and credit cards on Black Friday, compared to an average Friday.

Westpac NZ managing director of product, sustainability and marketing Sarah Hearn says shoppers should have a budget in mind and carefully consider any spending decisions before diving in.

The lure of bargains

“It’s easy to get sucked into buying more than you need with Black Friday and Cyber Monday deals, based on what you perceive as a bargain, and we’re here to help customers avoid that as much as possible,” Hearn says.

“Our data shows overspending at this time of year can have a knock-on effect, adding to holiday stress and meaning some of us will start the new year on the wrong foot financially.

“On the flip side, if you go into the sales knowing what you need to buy and how much you’re prepared to spend and stick to it, you can save yourself money compared to shopping at other times of the year.

“That’s why we’re sharing tips and advice to empower people to make smarter money choices and help avoid a spending hangover.”

Keeping your spending in check

Now in its second year, Westpac’s award-winning ‘Spending Hangover’ campaign is aimed at providing shoppers, especially younger people, with the knowledge about the dangers of overspending.

“Top tips we’ve shared include: resist the pressure to buy more than you need; know your limits and stick to them; or spend with a friend who can talk you out of impulse buys,” Hearn says.

Westpac is also sharing tips for shoppers on keeping their money safe, as fraudsters often try to take advantage of increased online spending during Black Friday and Cyber Monday sales.

“All our debt and credit cards come with dynamic security codes that change after 24 hours in the Westpac One app, limiting how long online fraudsters can use your card details if they’re stolen,” Hearn says.

“Our data shows customers are about 66% less likely to suffer card fraud if they use the dynamic security code, compared to using the static code on their physical card.”

Westpac has introduced digital issuance for new credit cards, in addition to debit cards. When a customer is approved for a new credit card, they can activate and access their digital card details and add the card to a digital wallet almost immediately, before their physical card arrives.

“This means customers can start safely spending straight away, using their card details from Westpac One,” says Hearn.

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