Ōtautahi – A large majority of Kiwis would pay for their principles with two-thirds willing to spend more on a Christmas gift if it was sustainable, a new survey reveals.
Personal financial information website Banked has released a Christmas spending survey which shows younger people are much more likely to pay extra for a more eco-friendly gift.
Seventy-two percent of Gen Z and 74 percent of Millennials would spend more on a gift if it was sustainable, while just over half (52 percent) of Gen X would do the same.
At 38 percent, the Baby Boomer generation is the least likely to pay more for a greener gift. More than 1000 New Zealand adults had their say in Christmas spending survey.
Kevin McHugh, head of publishing at Banked, says New Zealanders have become much more aware of the impact our consumption habits have on the environment.
“Our survey results show that Aotearoa people want the products we buy to be sustainable and we are willing to pay a bit more for those that are including at Christmas when money can be tight.
“Younger people in particular are happy to pay a higher price for a gift if they know it will be better for the environment. In fact, Gen Z and Millennial Kiwis are almost twice as likely to be willing to spend more on a sustainable gift than Baby Boomers.
“As our survey also showed that younger people are more likely to be stressed about the cost of Christmas, their willingness to pay extra shows the importance younger generations place on making more eco-friendly consumer choices,” McHugh says.
The survey found 48 percent of Kiwis are either a little or very stressed about the cost of this year’s Christmas. That number increases to 55 percent for Gen Z, while Baby Boomers are the least anxious generation with 40 percent reporting some level of stress.
The survey showed a third of Kiwis expect to spend more on Christmas 2023. Forty-two percent believe they will spend less, while 25 percent say they will spend less.
Gen Z and Millennials are the age groups most likely to spend more this year (41 percent and 40 percent, respectively). Only 19 percent of Gen Xers think they will spend more this Christmas and just 7 percent of Baby Boomers say they will do the same.