A new survey has revealed how much Kiwis, on average, plan to spend on Christmas this year.
According to comparison website Finder, the average person around New Zealand will spend $1467 over the festive season.
"Travel and gifts top the list of festive expenses, with Kiwis expected to splurge $439 each on accommodation/flights, and $411 on presents," Finder said.
"Men, $1515, are on average set to fork out slightly more than women, $1424."
When it comes to food this Christmas, it was found $273 per person will be spent on groceries and $123 on eating out.
"Gen Z will be the biggest spenders this festive season, forking out on average $1553, while Millennials will spend the least at $1329."
The survey was carried out on 1120 people in November.
It comes as Reserve Bank Governor Adrian Orr has admitted the Reserve Bank was purposely engineering a recession to slow spending in order to help stem the tide of inflation.
Adrian Orr told MPs the power was in the hands of the people to help stifle inflation. (Source: 1News)
"We are deliberately trying to slow aggregate spending in the economy. The quicker inflation expectations come down, the less work we need to do and the less likely it is that we have a prolonged period of low or negative growth," he said late last month.
The Reserve Bank delivered a record 75-basis point interest rate hike in November, taking the official cash rate to its highest level in 14 years, to 4.25%.
It has also forecast a shallow recession from the middle of next year, partly because of the higher interest rates it is imposing.
Annual inflation was near a 30-year high at 7.2% when the latest rate rise was implemented.
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