Banks caution Kiwis as sales period lifts spending risks
Westpac NZ is urging shoppers to set clear limits ahead of Black Friday and Cyber Monday, warning that overspending during the sales period can add pressure to already-tight household budgets.
Last year, Westpac recorded a 33% increase in average debit and credit card spending on Black Friday compared with a typical Friday.
Sarah Hearn (pictured), Westpac NZ managing director of product, sustainability, and marketing says preparation is key.
“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 said in a media release.
Overspending can carry into summer
Hearn says Westpac’s data shows that spending blowouts now can affect financial wellbeing well into the new year.
“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,” she said.
But when approached thoughtfully, the sales still offer value.
“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,” Hearn said.
The reminder comes as consumer sentiment shows early signs of improvement. New MYOB polling indicates more New Zealanders expect to feel financially better off in 2026, even though most still report pressure from rising essential costs such as food, energy, and rates.
Fraud risk rises with online sales
Westpac is also warning shoppers to remain vigilant as online fraud attempts spike during Black Friday and Cyber Monday.
“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 said.
“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.”
Stay informed with the latest housing market trends and mortgage insights – subscribe to our free daily newsletter.
