Kiwis ‘fritter away more than $16m on impulse buys every day’

WELLINGTON - A new survey has revealed that New Zealanders waste more than 16 million dollars on impulse purchases every day.

The survey, commissioned by Westpac New Zealand, found those aged 18 and over spent a median of 5 dollars a day on impulse buys - adding up to 674,000 dollars an hour or 16.1 million dollars a day, reports Stuff.co.nz.

Supermarkets, cafes and fast food outlets were found to be the most likely beneficiaries of impulse spending but bigger ticket items such as computer and video games, shoes and perfume were also bought on a whim.

The survey also showed the recession had little impact on the spending habits of many New Zealanders, with 54 percent of respondents saying they currently spent the same amount on impulse purchases as they did before the financial crisis.

Westpac chief executive David McLean said impulse spending made up about 9 percent of the total amount spent each day.

New Zealanders were also found to be poor savers, with 49 percent saying they either did not have a savings account or did not use one regularly. (ANI)