Latest PriceSpy insights have revealed June as the worst time to buy - for the second consecutive year - with no savings offered across anyof the 46 popular shopping categories analysed.
“When you think about it, in the middle of the winter, what do people do? They don’t spend so much time outdoors. They are probably more likely to mill around town and probably go shopping and so it’s supply and demand,” Massey University professor of marketing analytics Bodo Lang told Focus.
“Things like this probably drive greater traffic and that probably means that prices go up in the middle of winter.”
December, on the other hand, came out on top as the best time of year to buy with electric shavers offering the biggest savings, up to 30 per cent or an average $88.
Retail NZ CEO Carolyn Young said it’s likely due to the number of big sale days.
“Some of those sales that we saw for even Black Friday did string out and go through into December in the last year,” Young said. “So either end of December, you’ll have seen some big discounts.”
PriceSpy data showing the worst and best times of year to buy. Photo / Supplied
July was ranked the second-most expensive month to buy, with LEGO prices going up 25 per cent or $78 overall. But wait till August, and the popular toy sees a massive $148 slashed off its price tag.
Electric scooters are best to the worst to buy in September and offer the best prices in January.
“There is some seasonality to e-mobility and electric scooters and that people will use them more in the summer as well,” Freed e-scooter director Jen Hobbs said. “There’s quite a time lag thought from me placing an order for scooters to them arriving and it’s around about four months longer.
“So in September you’re looking at the latest models freshly landed and in January we’re looking at stuff that maybe didn’t sell so well... and everybody does January sales.”
December was revealed as the cheapest month of the year. Photo / Getty Images
To further help consumers plan ahead and buy at the best possible price, PriceSpy has created a five-step purchasing guide.
It suggests setting time aside to research a product’s historical price, avoiding buying new models around the time of launch, buying out of season, using price comparison tools and considering second-hand or refurbished items.
“Simply put, no one wants to pay more than necessary, especially alongside rising food prices, interest rates, general living expenses and inflation,” PriceSpy New Zealand country manager Liisa Matinvesi-Bassett said.
“Our research highlights how shopping strategically and knowing when to buy can lead to substantial saving opportunities amounting to thousands of dollars, helping shoppers avoid peak pricing premiums.”
