Westpac's "spending hangover" campaign aims to help young shoppers resist overspending. Photo: Mānawa Bay
Westpac is warning younger New Zealanders they're more likely to end up with a "spending hangover" if they don't shop wisely in Black Friday weekend sales.
Its new "spending hangover" campaign is aimed at helping young shoppers resist overspending, stick to limits, and shop wisely with a friend's support.
Westpac warns of 'spending hangover' from Black Friday
Westpac's financial well-being programme manager Warren Ngan Woo said contactless payment made spending easier but was also an issue for young shoppers.
"Young people aren't seeing physical money leaving their hands so when they are using their card and just tapping and paywaving away, it's quite easy for them to spend the money they have in their bank accounts."
According to a survey by PriceMe, the number of people planning to shop on Black Friday this year has jumped to 51 percent, compared to 35 percent in 2023.
The survey also found 50 percent planned to buy treats for themselves on Black Friday and the 18-24 age bracket went up to 72 percent.
Woo told Morning Report that the Black Friday marketing "certainly plays a part and taps into young people's minds".
Consumer NZ said people should be wary of pressure tactics particularly those used online, such as a countdown clock, subscription traps or claims there's only one left.
Consumer NZ spokesperson Abby Damen told RNZ recently that businesses could charge what they like but can't mislead consumers.
"The line gets super blurry at a time like now when we're rushing towards Christmas. People are financially squeezed and there's so much hype... it can be hard to determine whether that price you're seeing is a good deal."
Woo said young people needed to take a step back and think about their purchase.
"Sometimes you just have to pause, have a moment and ask yourself a couple questions: Am I going to use this item again? Is it going to add value to me or my family? If one of those answers is no then you might need to reset."
He said people also need to do a price comparison and ask themselves whether the sale was the best deal.
"My key message is to pause, take a moment and be mindful of your spending."
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