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Speaker 1: C the ultimate test of self restraint. It's Black Friday.

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Speaker 1: Carolyn Young is the CE of Retail New Zealand.

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Speaker 2: Morning Monina, Louk, Are you doing?

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Speaker 1: You're good? How big has this thing become?

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Speaker 2: Well, it's very big in fact for a big chunk

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Speaker 2: of retailers, bigger than Boxing Day now, So it's a

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Speaker 2: real marker in terms of the retail calendar every year.

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Speaker 1: We usually think of Black Friday being good for the

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Speaker 1: shoppers with all the deals. Is it good for the

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Speaker 1: retailers themselves as in a good way to maybe clear

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Speaker 1: old stock and make way for the new season.

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Speaker 2: Yes, I think it's a bit of mixed right. It

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Speaker 2: is a good way to try and clear old stock

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Speaker 2: and get people in store and looking at a range

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Speaker 2: of other things and maybe kickstart that Christmas period we are.

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Speaker 2: You know, Black Friday has accelerated significantly over the last

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Speaker 2: sort of three years, two or three years really, and

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Speaker 2: during that period we've really struggled with retail styles in general,

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Speaker 2: and the economy has been on a downward directory and

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Speaker 2: consumer confidence has been at a low, So retailers have

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Speaker 2: been using sales as a way to inject vitality and

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Speaker 2: getting consumers into store So it's a mixed bag because

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Speaker 2: often in this period and the lead up to Christmas,

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Speaker 2: consumers have got a fixed amount of money, so you know,

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Speaker 2: they are unlikely to spend necessarily more so, in some

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Speaker 2: ways it elongates the Christmas period, but in some other

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Speaker 2: ways it gives it a really good kick start and

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Speaker 2: gets people into thinking about Christmas. And some people will

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Speaker 2: have their Christmas list already done up and they'll start thinking,

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Speaker 2: you know, today and over the weekend about what they'll

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Speaker 2: buy ahead and put these things aside so that they

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Speaker 2: don't have to worry about it all in that last

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Speaker 2: week before Christmas.

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Speaker 1: I wish I was that organized. I'll make Christian hawks

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Speaker 1: for you. Who's just stepped down as the Reserve Bank governor.

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Speaker 1: He made it pretty clear a couple days back he

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Speaker 1: wants us all to get out and spend and turbocharge

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Speaker 1: the economy. Do you think we will? What's your read

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Speaker 1: of the room. Are we ready to get the gorse out?

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Speaker 2: I think we're starting to head in that right direction.

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Speaker 2: He's absolutely right. You know, if we're spending money in

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Speaker 2: New Zealand, so buying from New Zealand stores, either in

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Speaker 2: person or online, it's going to keep the money in

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Speaker 2: New Zealand. Consumers start buying offshore from the likes of

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Speaker 2: Tamo Machine, then the money goes out of the country

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Speaker 2: and it's not really supporting our economy. So what we

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Speaker 2: really need to see is people starting to think about

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Speaker 2: shopping in New Zealand because it's going to generate economic growth.

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Speaker 2: It's going to generate jobs and provide job security to

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Speaker 2: the wider sector, right, so it's sort of critical from

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Speaker 2: that perspective. And then when consumers turn around and say, well,

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Speaker 2: you know, things are quite cheap on the machine or

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Speaker 2: the Tamu website, the reality is that you're buying straight

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Speaker 2: from the manufacturer who doesn't have to vis New Zealand legislation,

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Speaker 2: so you've got no consumer guarantees, that there's no fair

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Speaker 2: Trading Act. And most importantly, when you think about Tomak

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Speaker 2: and our young ones of Christmas, the most of the

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Speaker 2: toys don't comply to the house and safety standards we

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Speaker 2: expect in New Zealand, So you know, you really want

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Speaker 2: to think about making sure that we look after the

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Speaker 2: young ones when you're buying goods for them. You don't

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Speaker 2: want them to be creating any harm. And that's why

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Speaker 2: the legislation is there, and that's why New Zealand goods

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Speaker 2: and services are slightly higher, because you know, we have

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Speaker 2: to comply to those legislations and there's a cost of

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Speaker 2: doing so.

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Speaker 1: Yeah. Well the sand in schools and preschools of later

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Speaker 1: is a very good example of that. And then if

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Speaker 1: we isolate it even further, Carolyn, to the likes of

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Speaker 1: Ash Burton of Jack Tame was to be believed a

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Speaker 1: couple of nights back on that specially Head on the

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Speaker 1: TV where a bit of a rockstar economy in a way,

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Speaker 1: and we caught up with Roasty Douglas from Rebellions about

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Speaker 1: now Back and he made the point that you know,

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Speaker 1: it's a great opportunity to support locals who paint forward

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Speaker 1: to locals, you know. I mean when we talk local

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Speaker 1: retail businesses, they're the ones that are putting up their

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Speaker 1: Raffle prizes for the for the sports days.

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Speaker 2: Exactly exactly that, And that's the whole thing I'm saying.

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Speaker 2: If you buy in New Zealand with your local stores,

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Speaker 2: go out to your communities and be buying on those stores,

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Speaker 2: it helps everyone and it helps generate that wealth. And

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Speaker 2: we know that lots of retailers are supporting you know,

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Speaker 2: schools and arts and culture and sport and all of

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Speaker 2: those things are important to us because they just add

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Speaker 2: that vitality to the whole community. So you know, it

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Speaker 2: is really important to think about how you support local

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Speaker 2: and look often at the moment. Certainly, you know, the

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Speaker 2: South Island and provincial areas that are supported by farming

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Speaker 2: and the area are doing much stronger than the urban

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Speaker 2: city areas, so you know, good for you know, smaller

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Speaker 2: towns to be seeing better outcomes in the cities big time.

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Speaker 1: Hey, super quick final question. So we go and buy

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Speaker 1: something this weekend and then we spot it's at a

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Speaker 1: better price a few weeks later. The Black Friday was

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Speaker 1: a bit of a young Do you have grounds to

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Speaker 1: go back and get a refund or is it deals

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Speaker 1: done on the day.

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Speaker 2: Well, it's the offer that's on today. So it's like anything,

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Speaker 2: isn't it. It's the burden the hand versus the one

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Speaker 2: in the bosh and you have to think a little bit,

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Speaker 2: you know, do I think I can get a better

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Speaker 2: deal down the track? Do I need this item right now?

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Speaker 2: Have you done your research online before you've gone out

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Speaker 2: and shopped and it is really just making sure that

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Speaker 2: you're happy with those prices, and if you get the

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Speaker 2: use of the product between now when it might be

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Speaker 2: on sale on Boxing Day, then you know you're all good.

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Speaker 2: So you really just have to consider what it means

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Speaker 2: to buy now versus later