The gap is widening between the price of mass-produced and "artisan" hot cross buns, but the jury is out as to which offers better value for money, according to new insights from Westpac NZ economists.
With Easter around the corner, a rigorous study* of hot cross bun prices by members of Westpac's Economics Team found that the typical price for artisan hot cross buns is now around $24 for a pack of six. In some cases, however, fancier versions can fetch more than $40 for a six pack.
Westpac NZ Senior Economist Satish Ranchhod noted that although some of these artisan products tasted "pretty good," they were three to four times the cost of their supermarket cousins, which continue to retail for around $6 to $7 for a pack of six.
"Supermarket buns are up only modestly over the past couple of years. Artisan buns on the other hand appear to be rising in cost year after year, perhaps reflecting the rising cost of higher quality ingredients.
"Chocolate lovers might be feeling some pain in the pocket too. While global cocoa prices have fallen over the past year, they're still historically high.
"When it comes to value for money, we think chocolate blocks are a better option than eggs - albeit harder to hide around the house."
Westpac NZ Managing Director of Product, Sustainability and Marketing, Sarah Hearn, says a wide range of price points is a good thing for consumers.
"We should all treat ourselves from time to time, and for many families that means splashing out on an annual Easter Egg hunt and hot cross bun binge," Ms Hearn says.
"However, we know cost pressures are weighing on many families - a survey earlier this month found 28% of New Zealanders have reduced non-essential spending in response to rising prices caused by the Middle East conflict, and 26% have changed how they shop for groceries.
"This is where sitting down and discussing your spending priorities as a family, then using that discussion to draw up a budget or spending plan, can be really helpful.
"Hot cross buns are just a small example, but taking a good thorough look at your spending habits can help you identify longer-term patterns and expenses that you might not be getting value out of, like subscriptions. From there, you can make a spending and savings plan that works better for you.
"We have a range of budgeting advice and tools such as CashNavi to help people take the first step, and we encourage people to come and talk to us if they need any help setting and achieving their money goals."
