Kiwis cash in big time on Brexit

Kiwis cash in big time on Brexit

Kiwi shoppers spied a British bargain during the Brexit vote, taking advantage of the plunging pound to do some online shopping.

Online retail figures from the Bank of New Zealand show spending surged by 47 percent during the Brexit week, compared to a year earlier.

Shoppers splurged on clothing, computers, cosmetics and sports equipment, because the pound dropped by 24 percent, making items a lot cheaper.

At the time some British websites, including giant clothing retailer ASOS, crashed because of the increased traffic.

The referendum on whether the UK should leave the European Union was passed by a 51.9 percent voting to leave versus 48.1 percent wanting to remain.

That result saw the British pound at one stage plummet to a 31-year-low against the US dollar.

The BNZ/Marketview report also found growth overall in overseas purchases, up by 9 percent.

Local online sales also increased, showing double digit growth of 10 percent which was slightly stronger than physical stores which had a solid 7 percent growth in sales.

Kiwi online shoppers favoured food, computer hardware and department stores. Online clothing purchases from local retailers were up 14 percent compared to June last year.

Newshub.

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