Customers can save more than 50 per cent by shopping around, data shows

Wednesday, 21 August 2019

Data shows Sunday shopping the least satisfying for consumers.

Shoppers could be saving thousands of dollars just by looking at other retailers for a better deal on homewares, new data shows.

Price comparison site PriceSpy ran the numbers on a range of popular homeware products to discover the difference in advertised prices between retailers on a set day earlier this month.

Liisa Matinvesi-Bassett, country manager for PriceSpy, said it showed that the same homeware item could cost up to 59 per cent more, depending on where customers shopped.

The biggest price difference was for a Fisher and Paykel stainless steel fridge freezer which was $4005 at Forlongs on the day the prices were surveyed, and $2457 at Heathcote.

* Smiths City told off for misleading advertising

If you have time to check different retailers, you'll may be able to save significant amounts of money.

* Black Friday sales don't live up to hype**

'As consumers, we expect to see small price variants between retailers however, when these amounts equate to a massive $1548 for the exact same product, as for the Fisher and Paykel RX611DUX1 stainless steel fridge freezer, we need to help consumers make more informed purchasing decisions to ensure they aren't spending hundreds, if not thousands of extra dollars.'

John Heathcote said his business tried to deliver the best possible deal on quality world-renowned brands. 'When we happen to buy a product at a great price we endeavour to pass this offer on to our clients.'

This fridge-freezer had a large price difference across different retailers.

A Fisher and Paykel washing machine, meanwhile, was $1009 at Smiths City and $1099.99 at Magness Benrow.

Even among smaller appliances there were big differences, a Russell Hobbs kettle was $98 at 100% Extreme Appliances and $189.99 at Farmers.

Retail NZ chief executive Greg Harford said consumers should expect that prices would vary.

'Consumers are well-advised to shop around for the best deal,' he said.

'There is a range of reasons that explains price differences between retailers. Retailers will, from time to time, offer discounted or sale pricing, and the [findings] may well reflect products that are on sale at some retailers, and are full price at another. '

He said price differences could also be driven by the wholesale price a retailer paid, which could vary at the time of the order if the retailer was paying in a foreign currency or based on the volume of products purchased.

'There will also be variance in the overhead costs, such as staff and rent, of different retailers which will also flow through to the retail price.'

Fridge-freezers were the sector with the biggest potential saving by shopping around. That was followed by washing machines, hobs and dryers.

Toasters had the least price differentiation.